EU wheat edges higher ahead of USDA report
WEAT•Euronext December wheat rose 0.4% to €245.25 a metric ton as traders adjusted positions ahead of the USDA’s Friday crop and supply forecasts. Russian wheat offered via Baltic routes was priced below EU supplies.
1. Wheat futures rise
Euronext December wheat was up 0.4% at €245.25 a metric ton at 1600 GMT, recovering from a near one-week low. A weaker euro and positioning ahead of the USDA’s monthly World Agricultural Supply and Demand Estimates helped steady the market.
2. Russian export offers
Russian 12.5% protein wheat for October shipment through Baltic routes was offered at about $268-$270 a ton FOB from Russian ports, and $2-$3 more from Baltic States ports. Traders said this was below Romanian wheat at about $292-$295 and French wheat at about $279-$282.
3. Policy and weather risks
Lithuania’s prime minister said the country would propose an EU ban on Russian grain exports via European ports and infrastructure. France said it would provide up to €2 billion in zero-interest loans for farmers affected by extreme summer weather, while rain this week could help cereal planting after a dry September.
