The markets experienced increased nervousness following the attack by Hamas on Israel and Israeli raids on Gaza. This resulted in a jump in the price of oil and a brief increase in the price of wheat. However, prices quickly stabilized as market analysts shifted their focus to the upcoming publication of the USDA's monthly report on global production, stocks, and exports.
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The markets regained a "certain nervousness" on Monday after the unprecedented attack by the Palestinian Islamist movement Hamas against Israel, followed by Israeli raids on Gaza. The price of oil jumped, before stabilizing. That of wheat briefly increased before falling again: the bread cereal was trading at 233 euros per tonne on Wednesday at the start of the afternoon on the European market for the December deadline, the earliest. Corn sold at 202 euros per tonne on Euronext on the November deadline, its lowest level since the beginning of March 2022, the day after the Russian invasion of Ukraine. “The renewed tension in the Middle East has provided indirect support for prices on the grain market, due to the risk of an increase in risk premiums. But that didn't last,” comments Sébastien Poncelet, cereal market specialist at Agritel (Argus Media group). Same analysis on the American side: “We are keeping an eye on the Middle East,” notes Jason Britt, of Central State ...