PARIS: Euronext wheat and maize rose on Wednesday to two-week highs, with an Algerian import purchase and an intensifying hot spell in France supporting a recovery from multi-month lows at the start of the week.
September wheat on Euronext settled 0.5 percent up at €203.50 (USD235.84) a metric ton, after reaching its highest since June 3.
A rally in Chicago wheat, as rumours of Chinese interest in US crops fuelled a technical rebound, also lent support.
Algeria’s state grains agency OAIC bought between 600,000 and 780,000 metric tons of milling wheat, according to traders, who saw a sign of importers reacting to the recent price fall.
However, reaction in Western Europe was tempered by talk that France remained excluded from Algeria’s tenders due to diplomatic tensions, leaving the way open for Black Sea origins to secure further sales.
In other demand, Egyptian buyers were seeking up to 50,000 tons of 12.5 percent protein Russian/Ukrainian wheat at around USD255 a ton cost and freight included for June/July shipment.
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