Euronext wheat futures hit highest level since September 1

Euronext wheat futures reached their highest level since September 1 and slightly exceeded Monday’s previous two-month high, boosted by euro weakness and speculation over Chinese demand for U.S. wheat. December milling wheat futures, the most active on Euronext’s Paris-based futures market, rose 0.5% to €194.75 ($227.12) per tonne, with traders also noting short-covering by participants with large short positions in front-month futures. EUR/USD traders said French wheat prices fell to their lowest level against the dollar in three months, helping maintain their lead in the battle for increased sales in the crucial Moroccan market. However, France’s prospects in Egypt appeared less attractive, as rumors surfaced that its state grain buyer had purchased Black Sea wheat last week for November/December delivery. “The week began with Russian wheat cheaper than in the western EU and the rest of the Black Sea countries, with Argentina still the cheapest globally,” said a German trader. ...