European wheat market: French wheat spot prices continue to rebound, but upside potential limited

As of Thursday (December 11), the delivery price for top-grade French wheat at the port of Rouen was $230 per ton, up $1 from a week ago. The price range over the past 52 weeks was between $224 and $252 per ton. Argentine second-grade wheat was priced at $206 per ton, down $2 from a week ago; U.S. hard red winter wheat was $242 per ton, down $8; U.S. soft red winter wheat was $242 per ton, up $1. From the futures market trend, on Friday (December 12), the most active March wheat futures on the Euronext exchange closed at 189 euros per ton, down 0.25 euros or 0.13% from a week ago. Chicago wheat fell 1.21% over the past week. Over the past week, export demand provided some support, although it was difficult to change the overall weak situation. Tunisia's tender this week to purchase about 125,000 tons of soft wheat brought some support to the market, with traders hoping that some of the cargoes might come from France; Jordan's regular tender also provided limited demand. However, ...