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Markets

Paris wheat hits five-month high as Egypt tender fuels Russia rally

  • Front-month December milling wheat, the most active contract on Paris-based Euronext.
  • Its highest since April 23 and above Monday's five-month peak of 195 euro.
22 Sep 2020

PARIS: Euronext wheat rose to a five-month high on Tuesday as an Egyptian import tender helped to maintain strength in Russian prices while also showing several offers of French supplies.

Front-month December milling wheat, the most active contract on Paris-based Euronext, settled up 1.50 euros, or 0.8%, at 194.75 euros ($228.35) a tonne.

Towards the end of the session it reached 195.75 euros, its highest since April 23 and above Monday's five-month peak of 195 euros, though it again faced chart resistance around that level.

Egypt was holding a tender to buy wheat for Nov. 21-30 shipment, which could add to the fierce pace of exports from Black Sea countries including Russia.

Heavy shipments coupled with slow farmer selling and a weaker rouble have kept Russian export prices rising, helping to push Euronext prices higher.

Offers in the Egyptian tender showed Russian supplies were best placed to win, with results expected later on Tuesday.

"It's Russia that is leading the market along at the moment," one futures dealer said. "There may also be a bit of reaction to seeing French wheat appear in the Egypt tender."

The French wheat bids in the Egyptian tender were noted as a sign that Russian prices are becoming less competitive and that traders may be positioning to sell French supplies beyond Algeria.

France's main overseas market is set to open up its tenders to Black Sea origins such as Russian wheat.