Europe: Paris wheat holds above lows, Polish prices stable

Wheat

France

Poland

Market & Price Trends

Published Mar 11, 2024

Tridge summary

Euronext wheat futures experienced a slight increase, maintaining a level above 3-1/2 year lows due to anticipated demand at the current prices. The U.S. Department of Agriculture's world crop forecasts had little impact on the market as they met expectations. However, hopes for exports have been negatively affected by competitive Black Sea prices, the cancellation of an Egyptian tender, and a lack of new wheat demand from China. Additionally, the favourable wheat conditions in Russia indicate a plentiful supply for the upcoming season.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Euronext wheat futures edged higher on Friday, holding above 3-1/2 year lows as traders watched to see if current prices would stir more demand. Participants were also adjusting positions before Monday’s expiry of March futures. The market showed little immediate reaction to monthly world crop forecasts from the U.S. Department of Agriculture (USDA), with the report seen broadly in line with expectations. May milling wheat BL2K4, the most active position on Paris-based Euronext, settled 0.8% higher at 193.50 euros ($211.63) a metric ton. It had struck on Wednesday a lowest second-month price BL2c2 since September 2020 at 188.00 euros before rebounding. Traders have been digesting export news, including a series of tenders by importing countries and cancellations by Chinese buyers of some U.S. wheat purchases. Export hopes have been tempered by competitive Black Sea prices in an Algerian tender, the scrapping of a tender by Egypt, and the absence of fresh wheat demand from China, ...

Source: Hellenic Shipping News