EU wheat drops to new lows as large Russian harvest looms.

European wheat futures in Paris fell to fresh contract lows on new signs of a bumper crop in Russia, but low prices had prompted the return of some buyers to the market. Paris prices continued to be pressured by signs of a big Russian wheat harvest which would generate intensive competition to EU wheat in global export markets. Russia’s IKAR increased estimates wheat production 2 MMT to 79-82 MMT in 2017 from a previously expected 77-80 million tonnes.