Euronext wheat futures fell to a two-month low on Thursday

Published Nov 8, 2024

Tridge summary

Euronext wheat futures have dropped to a two-month low due to a stronger euro and stable Chicago grain futures, while Moroccan importers have increased EU wheat purchases, enhancing EU exports despite competition from the Black Sea. Although EU wheat prices are declining, Russian wheat remains a strong competitor, affecting EU export levels, which are significantly lower than last year. Morocco's increased demand is attributed to a poor harvest and higher state subsidies. The EU's export prospects have improved with lower Euronext prices and Russian export limitations, but challenges persist with the euro's strength and affordable Russian wheat. In contrast, rapeseed prices have risen, indicating robust oilseed markets.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Euronext wheat futures fell to a two-month low on Thursday as the euro rebounded against the dollar and Chicago grain futures consolidated as attention turned away from Donald Trump's U.S. election victory. December wheat futures on the Euronext Paris exchange fell 0.6 percent to 215.25 euros ($232.49) a tonne, back near Tuesday's low of 212.25 euros. The euro rose against the dollar, a day after it fell to a four-month low as the U.S. currency rose following Trump's election victory. Morocco importers have secured several shipments of European Union wheat in recent days, boosting EU exports amid stiff competition in the Black Sea this season, traders said on Thursday. Moroccan buyers are believed to have bought about 10 cargoes, or about 300,000 metric tons, of milling wheat for delivery this month in the past week, traders said. Most of the wheat will be bought from northern EU countries such as the Baltics and Germany, they said, with the rest from France. Traders added that ...

Source: Oilworld