EU wheat off 4-week peak with Russia exports and US data in focus
WEAT•Euronext December wheat settled 1.3% lower at €244.25 a metric ton after reaching a four-week high, as traders adjusted positions ahead of Friday’s US crop forecasts. Higher estimates for Russian exports tempered concerns over Black Sea disruptions.
1. Wheat retreats from peak
Euronext December wheat settled 1.3% lower at €244.25 a metric ton, after earlier reaching €248.50, its highest since September 9. Chicago wheat fell by more than 2%, while traders adjusted positions ahead of the US Department of Agriculture’s monthly supply and demand estimates due Friday.
2. Russian exports in focus
Increased estimates for Russian wheat exports helped ease concerns about disrupted Black Sea trade. Traders cited rising offers for Russian wheat shipments via the Baltic Sea and estimates that Russia shipped 270,000 to 290,000 tons of wheat to Egypt in September, largely from the Baltic. Attacks on cargo ships, including a strike on two merchant ships near Bulgaria, were raising the risk of prolonged disruption to Black Sea trade.
3. Rapeseed falls
November Euronext rapeseed settled 3.2% lower, bringing its two-day losses to almost 6%. Low water levels on Germany’s Rhine made physical delivery uncertain, prompting some participants to exit long positions in the contract expiring at the end of the month.
