PARIS: Euronext wheat futures rose on Wednesday as a Egyptian tender showed competitive offers of French wheat while a drop in the euro also boosted export sentiment.
September milling wheat on Paris-based Euronext, settled 0.5% higher at 358.50 euros ($374.81) a tonne, continuing a rebound from Monday’s three-month low of 349.25 euros.
Euronext gave up some of its gains from earlier on Wednesday as Chicago grains saw hesitant trading ahead of closely watched US acreage and stocks data on Thursday.
Traders were awaiting results from a tender being held by Egypt’s state commodities buyer GASC, in which French wheat was the cheapest origin before shipping costs. A combination of shipment periods between August and October proposed by GASC led to a large number of offers and made the outcome difficult to predict, traders said. However, offers supported the view that Romanian and French wheat were well positioned for the new export season starting next month, with Ukrainian and Russian supplies curbed by war and related Western sanctions.
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