EU wheat prices continue to rise as Egypt import deal provides support

Euronext wheat rose around 3% to a three-month high on Wednesday on news of a major import deal with Egypt, giving support to a market already struggling with weather and war risks. December wheat futures on the Paris-based Euronext exchange rose 2.7% to 233.75 euros ($258.18) a tonne, after earlier hitting their highest since early July at 235.00 euros. Short-covering by investment funds helped push prices up, traders said. Financial investors had already reduced their net short position in Euronext wheat last week, data showed. Non-commercial market participants reduced their net short positions in Euronext milling wheat futures and options in the week to September 23, data released by Euronext showed on Wednesday. The data showed that non-commercial participants, including investment funds and financial institutions, reduced their net short position to 110,925 contracts from 121,197 a week earlier. Commercial participants reduced their net long position to 112,892 contracts ...