PARIS: European wheat rose to a nearly three-week high on Wednesday, mainly supported by gains on US markets and a weak euro making it more competitive on world markets.
December milling wheat on Paris-based Euronext was up 1.6% by 1549 GMT at 239.75 euros ($252.43) a metric ton after hitting 240.25 euros, a price not seen since Sept. 29. By the same time most traded wheat on the Chicago Board of Trade was up 1.2% at $5.77-1/2 a bushel. Crop development for the 2024 French harvest was good so far, with regular and light rainfall expected in the next two weeks set to boost crop emergence.
“Things are looking good so far for next season,” a trader said. “Today’s rise is mainly in line with Chicago. The low euro is also supportive.” Russia’s SovEcon agriculture consultancy said on Tuesday it had lowered its Russian wheat harvest forecast for 2023 to 91.4 million metric tons (mmt) from 91.6 million tons previously.
In Ukraine, grain exports are down to 7.8 million metric tons so far in the 2023/24 July-June season, compared to 11.5 million tons exported by Oct. 21 last year, agriculture ministry data showed on Wednesday.
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