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Markets Print edition: 2019-11-14

Euronext wheat futures close higher

Published Updated

Euronext wheat futures ended higher on Tuesday, supported by a weather-fuelled rally on the US market that helped Paris prices hold above a one-week low.

Benchmark December milling wheat on Paris-based Euronext settled 1.00 euro, or 0.6%, higher at 178.25 euros ($196.43) a tonne.

It earlier equalled a one-week low of 177 euros touched on Monday but again held chart support around that level.

US futures rose sharply, led by the Kansas Hard Red Winter (HRW) wheat market, as freezing conditions across the US Plains raised concern about damage to recently sown wheat.

The US rally lent support to a Paris market that has been consolidating since reaching a three-month high in mid-October.

Physical premiums at French ports remained firm, underpinned by steady export demand, brokers said.

The price strength on the cash market was also due to a lack of selling by farmers who are busy with rain-delayed sowing of wheat and barley as well as harvesting of maize and sugar beet, they said.

Frequent showers along with chilly temperatures are forecast across France this week, which could further hamper field work.

Copyright Reuters, 2019

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