Mumbai, 20 Feb (Commoditiescontrol): European wheat futures extended their fall on Monday to hit 2-1/2 year lows after breaking a technical support, and still pressured by large stocks in Europe as competition from Black Sea origins remains stiff.
Most traded May contract was down 1.5% at 195.25 euros ($210.25) a metric ton. It earlier touched 194.50 euros a ton, a price not seen since September, 2021.
U.S. markets were closed for the Presidents' Day holiday.
Russian wheat export prices continued to fall last week amid weakening global prices and some rise in shipments, analysts said.
Last week's increase to farm office FranceAgriMer's forecast of French 2023/24 soft wheat stocks to a 19-year high has contributed to supply pressure.
Reports of a poor French wheat output failed to provide support to next season's contracts with December one also falling to contract lows at 205.25 euros a tonne.
FranceAgriMer data showed on Friday that the state of French soft wheat crops was at its worst in four years by Feb. 12 after a rain-disrupted sowing campaign.
Some 68% of French soft wheat was rated as being in good or excellent condition compared to 93% a year earlier and the lowest for the time of year since 2020, when crops were also affected by heavy rain, FranceAgriMer said in a cereal report.
France's agriculture ministry last week estimated the country's soft wheat area would fall by more than 7% from last year to its second-lowest in 30 years.
(By Commoditiescontrol Bureau: 09820130172)
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