AVN 61.75 Decreased By ▼ -5.01 (-7.5%)
BOP 8.73 Decreased By ▼ -0.27 (-3%)
CHCC 126.50 Decreased By ▼ -3.97 (-3.04%)
DCL 8.91 Decreased By ▼ -0.36 (-3.88%)
DGKC 102.26 Decreased By ▼ -2.12 (-2.03%)
EFERT 66.55 Decreased By ▼ -0.45 (-0.67%)
EPCL 43.25 Decreased By ▼ -1.65 (-3.67%)
FCCL 20.45 Decreased By ▼ -0.77 (-3.63%)
FFL 13.59 Decreased By ▼ -1.02 (-6.98%)
HASCOL 13.47 Decreased By ▼ -0.80 (-5.61%)
HBL 128.50 Decreased By ▼ -2.50 (-1.91%)
HUBC 78.86 Decreased By ▼ -1.38 (-1.72%)
HUMNL 6.38 Decreased By ▼ -0.47 (-6.86%)
JSCL 21.83 Decreased By ▼ -1.97 (-8.28%)
KAPCO 27.49 Decreased By ▼ -0.42 (-1.5%)
KEL 3.60 Decreased By ▼ -0.08 (-2.17%)
LOTCHEM 11.78 Decreased By ▼ -0.38 (-3.13%)
MLCF 37.25 Decreased By ▼ -2.02 (-5.14%)
OGDC 92.36 Decreased By ▼ -2.01 (-2.13%)
PAEL 30.45 Decreased By ▼ -2.11 (-6.48%)
PIBTL 11.79 Decreased By ▼ -0.45 (-3.68%)
PIOC 84.85 Decreased By ▼ -2.75 (-3.14%)
POWER 9.15 Decreased By ▼ -0.55 (-5.67%)
PPL 82.54 Decreased By ▼ -2.47 (-2.91%)
PSO 186.49 Decreased By ▼ -6.55 (-3.39%)
SNGP 42.50 Decreased By ▼ -3.80 (-8.21%)
STPL 13.30 Decreased By ▼ -0.60 (-4.32%)
TRG 51.10 Decreased By ▼ -3.83 (-6.97%)
UNITY 23.30 Decreased By ▼ -0.91 (-3.76%)
WTL 0.99 Decreased By ▼ -0.04 (-3.88%)
BR100 4,112 Decreased By ▼ -52.44 (-1.26%)
BR30 20,622 Decreased By ▼ -320.58 (-1.53%)
KSE100 39,633 Decreased By ▼ -554.66 (-1.38%)
KSE30 16,693 Decreased By ▼ -209.85 (-1.24%)

HAMBURG: European wheat futures in Paris hit new three-week highs on Wednesday, boosted by a strong overnight rise in US prices plus brisk demand in export tenders, but slipped in late trade as US markets dropped.

US grains and soybeans rose sharply on Tuesday after the US Department of Agriculture (USDA) cut its forecasts of US corn and soybean inventories and harvests. But Chicago wheat slumped 1.8% in early Wednesday trade.

December milling wheat on the Paris-based Euronext exchange unofficially closed down 0.75 euro, or 0.3%, at 211.25 euros ($248.51) a tonne. The contract earlier on Wednesday hit 213.25 euros, the highest since Oct. 21 and exceeding Tuesday’s high of 212.50 euros.

“Euronext is still digesting the bullish USDA report seen yesterday,” said Stefan Vogel, head of agricultural commodity markets research at Rabobank.

Robust export demand was supportive, with a tender from Turkey for a hefty 550,000 tonnes of wheat closing on Wednesday and another tender for an unspecified volume from Algeria on Thursday.

A public holiday in France meant some market participants were absent.

In Poland, prices were firm on continued export optimism, with hopes part of the hefty purchase of 860,000 tonnes of wheat in a tender by Saudi Arabia on Monday would be sourced in Poland.

“Exporters expect that a lot of the last Saudi tender will be sourced from Poland and are active buyers for 12.5% protein wheat with the delivery to the port silo in December as well as in January and February 2021,” one Polish trader said. “Polish wheat is still competitive on the world market.”

Exporter purchase prices for December delivery 12.5% wheat have risen 10 zloty on the week to about 920 zloty a tonne (205.3 euros), traders said.—Reuters