PARIS: Euronext wheat futures rose on Tuesday, supported by a rally in Chicago and an upturn in international demand including a tender by major importer Algeria.
March wheat, the most active contract on the Paris-based Euronext exchange, settled up 1.3% at 231.25 euros ($249.52) a metric ton, recovering from a two-day fall.
Chicago futures climbed about 2.5%, recouping most of Monday’s steep losses with support from a weaker dollar. After large US wheat sales to China drove a rally in wheat futures last week, tenders by North African importers Algeria and Tunisia were seen as opening up prospects for fresh exports of European supplies.
Algeria’s state grains agency OAIC has started buying milling wheat at around $273 a metric ton cost and freight (c&f) included in its tender which closed on Tuesday, though the volume bought was unclear, European traders said.
Tunisia’s state grains agency, meanwhile, is believed to have purchased about 100,000 metric tons of soft wheat in another tender on Tuesday.
Bangladesh was also holding a tender in which Russian wheat was thought to have been offered cheapest.
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