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

게시됨 2024년 10월 3일

Tridge 요약

Euronext wheat prices surged by approximately 3% to reach a three-month high, driven by a significant import deal with Egypt and concerns over weather and geopolitical risks. December wheat futures on Euronext climbed to 233.75 euros per tonne, influenced by short-covering from investment funds. Both non-commercial and commercial market participants adjusted their positions in Euronext milling wheat futures. Egypt's state grain buyer secured a substantial wheat purchase of 3.12 million tonnes for delivery from November to April. The market remains wary of potential Russian export restrictions due to dry planting conditions and military tensions in Ukraine and the Middle East. Despite the price rise, Russian wheat continues to be cheaper than EU wheat, amid ongoing discussions about possible Russian export limitations.

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원본 콘텐츠

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 ...

출처: Oilworld