European wheat futures have hit a six-month low, dropping 6% on the Euronext exchange in Paris, amid a sell-off prompted by concerns over the impact of the nuclear and earthquake disasters in Japan.
Milling wheat futures dropped to €13.75 to €203 per metric ton. Rapeseed also dropped, to €412.50 per metric ton, down 5%. “We don’t believe prices can drop as low as in 2008 and 2009,” said Michel Portier, founder of French consultancy Agritel. “We think the economy is much more solid than in 2008.” According to traders, the drops apply to the futures market only — the cash market, they said, is far more stable.