Euronext Wheat Prices Tumble on US Corn Stocks Surprise

Euronext wheat prices dipped on Wednesday after the US Department of Agriculture reported higher-than-expected corn stocks, putting downward pressure on grain markets.

The benchmark December milling wheat contract on Paris-based Euronext closed 0.1% lower at €236 ($267.53) per metric ton, its lowest level in nearly a week.

This decline comes after the contract reached its highest point of €239.25 earlier in the session.

The December wheat contract has been recovering from Tuesday's six-week low of €231.50, but for September, it declined 3.8% after retreating from a contract high of €259.25 at the start of the month.