EU wheat higher on export hopes
WEAT•Euronext December wheat settled 1.3% higher at €239 per metric ton, reaching a one-week high as a weaker euro and Saudi Arabia’s tender for 535,000 metric tons boosted export sentiment.
1. Prices rise on demand
The benchmark contract reached €240.25, its highest level since September 24, after falling to a six-week low of €231.50 on Tuesday. Traders said Polish, Baltic and Romanian wheat could be well placed for Saudi sales, alongside Russian and Western European supplies.
2. Export outlook
Saudi Arabia is seeking wheat for shipment in November and December, after cancelling its previous tender on September 7 because of high prices. Traders said concerns about disruption to Black Sea supplies supported prices. Consultancy Sovecon cut its Russian wheat export forecast for the season by 4.7 million tons to 36.7 million tons.
