PARIS: Front-month wheat futures on Euronext extended gains on Tuesday to a one-week high as brisk export demand in France continued to support prices, traders said.
The European market was also underpinned by a steadying in Chicago wheat, as traders awaited US government crop forecasts and the outcome of US-brokered peace talks between major grain exporters Russia and Ukraine, analysts said.
December wheat on Euronext was up 1.4 percent at 1624 GMT at €230 (USD258.20) a metric ton, its highest since November 2. The front-month contract was set for a third straight daily rise as it recovered from Friday’s four-month low of €218.50.
Market talk of new demand for French wheat, including possible sales to China, kept attention on a brisk export programme in France, including the first bulk shipments of wheat for Saudi Arabia in six years.
A drop in the euro, as the dollar rallied following a higher-than-expected US inflation reading, reinforced export optimism. The short-term demand for French wheat has helped Euronext offset pressure from the diplomatic push to end the war in Ukraine, and the start of harvesting in Southern Hemisphere exporters Argentina and Australia.
Soft wheat exports from the European Union so far in 2026/27 have reached 10 million metric tons, up 2 percent from a year ago, though figures for several member countries remained incomplete, according to the European Commission.