Euronext wheat edged higher in afternoon trade on Wednesday to hold above a three-month low as traders assessed competition from Black Sea supplies and awaited the outcome of an Algerian import tender. March milling wheat, the most active position on the Paris-based Euronext exchange, was 0.7% higher at 315.00 euros ($324.36) a tonne by 1600 GMT. On Tuesday, it had touched its lowest since Aug. 22 at 311.75 euros.
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Firm Chicago prices and an easing in the euro after an earlier rise against the dollar also lent support to Euronext in afternoon trading. A record Russian harvest and the continuation of a grain export channel from Ukraine have tempered worries about war disruption to Black Sea shipments and increased competition for western European wheat. Traders are watching to see if Algeria, usually the biggest export market for European Union wheat, draws offers of Russian wheat in its tender being held on Wednesday. “Russian wheat is still much cheaper but Argentina is out of contention with its poor harvest and French wheat remains a regular choice for Algeria,” a dealer said. Black Sea origins were expected to claim most of the volume in tenders by Pakistan and Turkey. “Russian wheat is tipped to be the main supplier in the 500,000 tonne Pakistan tender today judging by the prices offered, which is disappointing for Germany and the EU,” one German trader said. “It looks like markets will ...
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