European wheat futures closed slightly higher on Friday

Published 2024년 11월 11일

Tridge summary

European wheat futures saw a slight increase on Friday, driven by mixed export figures and adjustments following the U.S. presidential election, which saw Donald Trump's victory. Despite this, December wheat futures on the Euronext Paris exchange reached a two-month low Tuesday. The stronger dollar led to pressure on Chicago wheat, affecting global crop forecasts. Morocco's interest in French barley and issues with Russian wheat prices were also discussed. In France, farmers faced challenges in planting soft wheat due to heavy rains, with only 62% of the expected area planted by Monday, marking a significant decrease from the previous year and the five-year average.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

European wheat futures closed marginally higher on Friday as traders weighed mixed export figures and adjusted positions after a busy news week that culminated with Donald Trump winning the U.S. presidential election. December wheat futures on the Euronext Paris exchange rose 0.2% to 215.75 euros ($230.83) a tonne, but remained near Tuesday’s two-month low of 212.25 euros. Chicago wheat weakened under pressure from a stronger dollar as traders digested monthly global crop forecasts from the U.S. Department of Agriculture. The USDA cut its estimates for U.S. corn and soybean crops but left export forecasts unchanged, despite a surge in recent demand. “I think there is some profit taking after so much betting ahead of the US election and with the dollar up again,” said one futures trader. A related weakness in EUR/USD was supported by Euronext, making western European grain cheaper abroad. There was talk of Morocco’s interest in French barley after traders reported on Thursday that ...

Source: Oilworld