EU wheat rises on euro weakness, Chicago highs in United States

Published 2024년 12월 31일

Tridge summary

European wheat futures saw a rise on Monday, driven by a weakening euro and gains in Chicago grains. The benchmark March milling wheat on Paris-based Euronext increased by 0.4% to 233.75 euros ($242.68) per metric ton. The increase was supported by weakness in the euro and positive trends in the U.S. grain market. However, export competition, especially from the Black Sea region and Argentina and Brazil, limited the price growth. The state weather agency's forecast of worsening conditions for winter wheat crops in Russia also influenced prices.

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Original content

European wheat futures rose on Monday in light year-end trade, supported by renewed weakness in the euro and earlier gains for Chicago grains, dealers said. Benchmark March milling wheat (BL2H5) on Paris-based Euronext was up 0.4% at 233.75 euros ($242.68) per metric ton by 1649 GMT. The contract earlier reached its highest in almost two weeks at 235.25 euros. Euronext will close early on Tuesday and remain shut on Wednesday for the New Year holiday. Chicago wheat also touched a two-week top on Monday while U.S. corn struck another six-month peak, before turning slightly lower as the dollar rose. Corresponding weakness in the euro, which fell back towards a two-year low against the dollar, helped Euronext prices. A backdrop of unfavourable crop conditions in Russia, and expectations that the country’s exports will slow, continued to underpin Euronext prices. Conditions for winter wheat crops will worsen in Russia’s Central and Volga areas in January, the state weather agency said ...

Source: Hellenic Shipping News