EU wheat bounces off 6-week low with euro help
WEAT•Euronext December wheat rose 1.4% to €236.50 a metric ton after touching a six-week low, supported by a weaker euro and concerns about Black Sea exports. Traders adjusted positions ahead of Wednesday’s U.S. grain stocks data.
1. Wheat rebounds
Benchmark December milling wheat on Euronext was up 1.4% at €236.50 a metric ton by 1615 GMT, after falling earlier to €231.50, its lowest since August 13. The euro fell to a three-month low against the dollar, making European grain more attractive overseas.
2. Black Sea concerns
Continuing attacks in Russia’s war with Ukraine and a lack of visible progress toward a truce for Black Sea shipping also supported prices, traders said. Poor weather added to congestion on the Danube, an alternative route for Ukrainian grain shipments.
3. Stocks data in focus
Grain markets were focused on quarterly U.S. stocks data due Wednesday from the U.S. Department of Agriculture. A futures broker described the rebound as a technical move linked to the report. EU soft wheat exports in 2026/27 stood at 6.81 million metric tons, stable year on year, though figures were incomplete for several countries.
