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Markets

Paris wheat ticks up after falls, follows US markets higher

  • The export-punishing rise of the euro to 4-1/2 month highs after European Union countries struck a deal on a massive stimulus plan was capping gains.
  • There is not enough news on the harvest to justify a massive fall so we are following the US market in the meantime.
21 Jul, 2020

HAMBURG: European wheat futures rose on Tuesday on buying interest after falling for three consecutive sessions with support also coming from a rise on US markets, traders said.

The export-punishing rise of the euro to 4-1/2 month highs after European Union countries struck a deal on a massive stimulus plan was capping gains.

Front-month September milling wheat on the Paris-based Euronext exchange was up 1.0 euro or 0.5% at 182.75 euros ($210.2) a tonne at 1625 GMT.

"There is not enough news on the harvest to justify a massive fall so we are following the US market in the meantime," one trader said, pointing to better harvest results than expected in France and Russia that needed to be confirmed.

Traders were also awaiting the results of a tender by Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), for wheat.

In Germany, traders welcomed forecasts of hotter, sunnier weather this week needed by wheat to ripen as the harvest approaches after a rainy start to July.

"Forecasts are now for predominantly dry and sunny weather from Tuesday to Saturday which will be what wheat needs to get to ripeness," one German trader said.

"There are still some showers forecast but I do not think the market is concerned about this, optimism is increasing that Germany will have a decent wheat harvest both in terms of volume and quality."

Good progress is being made with Germany's winter barley harvest, with large areas gathered in past days in the eastern and northern regions of Brandenburg, Mecklenburg-Vorpommern and Schleswig-Holstein.

"Barley volumes and quality are good which in turn is a good sign for wheat," he said.

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