Euronext wheat targets €220/t

Wheat prices continued their recovery movement this Thursday at mid-session on Euronext, in a market still driven by the drop in the eurodollar parity recorded the day before. The European currency has indeed plunged to its lowest level in more than four months against the greenback, in reaction to the election of Donald Trump, whose policy could compromise future cuts in the Fed's key interest rates. The market is also being pulled upward by the direction of American quotations, despite the risk of a return to the Sino-American trade war. Corn prices were also moving upward at mid-session on Euronext, in sympathy with Chicago and with the help of favorable parity movements. The market is also anticipating a downward revision of American production in the USDA monthly report, to be published this Friday. However, the progress of harvests on both sides of the Atlantic and the continued good yield returns in France limit the upward potential. Sowing ...