PARIS: Euronext wheat rose on Tuesday in step with Chicago futures as the worst US winter crop rating in decades highlighted risks to global supply already strained by the war in Ukraine.
New-crop December on Paris-based Euronext was up 2.4% at 368.00 euros ($392.25) a tonne by 1533 GMT.
After Monday’s market close, the US Department of Agriculture (USDA) rated 27% of US winter wheat in good-to-excellent condition, down three percentage points from a week ago and the lowest for this time of year since 1989, as drought persists in the Plains wheat belt.
The European Union’s crop monitoring service trimmed its forecast of the EU’s 2022 soft wheat yield, citing dryness in southern Europe.
Tenders issued by Turkey seeking a total of 480,000 tonnes of milling wheat also put the focus back on global demand. In rapeseed, Euronext futures rallied with other oilseed markets as Indonesian indicated a planned export ban on a certain type of palm oil could be widened.
August rapeseed was up 2.6% at 882.00 euros a tonne, near Friday’s contract high of 884.75 euros.