European wheat futures rose today, supported by the euro’s weakness against the dollar, which boosts the European Union’s export competitiveness amid heightened uncertainty over the conflict between the United States, Israel and Iran.
The May flour index on the Euronext Paris Exchange rose 0.4% to 202 euros per tonne.
frost damage
The European crop watchdog said the condition of winter crops in Europe was largely satisfactory, despite growing concerns about damage caused by frost that hit parts of northern and eastern Europe. He pointed out that while winter wheat has excellent cold tolerance, barley and rapeseed may be adversely affected.
“Short covering operations that led to a rally in grain futures on the Euronext exchange last Friday continued due to uncertainty regarding the duration and impact of the Middle East conflict,” traders said.
The market also took into account the potential for increased ocean shipping costs and whether additional costs would be imposed on end users.
price advantage
Black Sea products maintained their price advantage after the Euronext exchange crossed the 200-euro threshold and stabilized at this level, while traders showed strong interest in buying from private Egyptian importers.
Traders reported this week that three buyers are seeking to buy around 30,000 tonnes of wheat for shipment between March this year and April next year.
European wheat futures rose today, supported by the euro’s depreciation against the dollar, which makes EU exports more competitive amid heightened uncertainty over the conflict between the US, Israel and Iran.
The May flour index on the Euronext exchange in Paris rose 0.4% to 202 euros per tonne.
frost damage
The European Crop Watch said the condition of winter crops in Europe was largely satisfactory, despite growing concerns about damage from frost that hit parts of northern and eastern Europe. It should be noted that although winter wheat has good hardness, barley and rapeseed may have been negatively affected.
“Uncertainty regarding the duration and impact of the Middle East conflict continued short covering, leading to a rally in grain futures on the Euronext exchange last Friday,” traders said.
The market also took into account the potential for increased shipping costs and whether additional costs would be passed on to end users.
price advantage
Traders said Black Sea products maintained their price advantage after the Euronext exchange crossed the 200-euro threshold and stabilized at this level, while pointing to strong buying interest from Egyptian private importers.
Traders reported that three buyers wanted to buy around 30,000 tonnes of wheat for shipment between March this year and April next year.
