PARIS : Euronext wheat edged back from a two-week high on Thursday, curbed by a broad slide in Chicago grains, but concerns over a heatwave in France supported further gains for EU maize.
September wheat on Euronext was unchanged on the day at €203.50 (USD233.33) a metric ton at 1620 GMT, after reaching its highest since June 3 at €205.00.
Chicago wheat fell nearly 2 percent as a jump in the dollar index and a drop in oil prices weighed before Friday’s US holiday closure.
“There’s profit-taking before the US long weekend, with a wave of Hormuz-related selling,” a futures dealer said, referring to the expected reopening of the Strait of Hormuz following a deal to end the Iran war.
A fall in the euro and concerns over the intensifying hot spell in France nonetheless helped underpin Euronext.
News that Algeria’s state grains agency OAIC bought around 800,000 tons of wheat on Wednesday, according to traders, also supported the market, though reaction was tempered by expectations that Black Sea origins would dominate sales.
Comments