PARIS: Euronext wheat rose on Friday to extend a rebound from a two-week low, supported by a rally in Chicago as weather risks fuelled short-covering before a US holiday weekend.
September wheat on Paris-based Euronext settled up 5.25 euros, or 1.3%, at 414.75 euros ($444.28) a tonne. The front-month contract had already gained ground at Thursday’s close to come off a two-week low earlier in the session and hold chart support at 400 euros.
Over the week, it was down 1.4%. Volumes remained moderate on Euronext, with some participants taking a long weekend break following Thursday’s public holiday in some European countries including France.
After hopes earlier this week of a sea corridor being opened for Ukrainian grain shipments, which have been blocked by Russia’s invasion, traders saw little immediate sign of a diplomatic breakthrough.
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