EU wheat at record highs as Australian rains add to supply jitters

PARIS: Euronext wheat futures climbed to record highs on Monday as rain disruption to Australia’s harvest fuelled uncertainty about global availability of milling-grade crop.

Front-month December wheat on Euronext settled up 9.25 euros, or 3.1%, at 309.00 euros ($347.66) a tonne. It earlier rose to 310.25 euros, a record Euronext price and above a previous peak of 303.25 set on Friday. March, the most active contract on Euronext, settled 3% higher at 305.75 euros after earlier reaching 307.00 euros, a record for a second-month position. In 2022 harvest positions, September set a contract high of 271.25 euros.

The jump on Euronext was supported by a new nine-year high for Chicago wheat.

Supply concerns in wheat have been exacerbated by brisk import demand, steps by top exporter Russia to curb shipments and untimely rain during Australia’s harvest.