EU wheat supported by Black Sea export problems, Saudi wheat tender
WEAT•Euronext December wheat rose 1.6% to €245.50 a metric ton, its third consecutive session of gains, supported by Black Sea shipping disruptions, a weaker euro and Saudi Arabia’s 683,000-ton purchase.
1. Wheat reaches three-week high
Benchmark December milling wheat on Euronext ended daytime trading up 1.6% at €245.50 a metric ton, after reaching €246.25, its highest since September 10. Chicago wheat also rose.
2. Export risks and demand
Traders cited continuing disruption to Black Sea shipping and a falling euro, which makes European grain cheaper overseas. Saudi Arabia bought 683,000 tons of wheat from optional origins; traders said the purchase could reduce available export supplies while Russian and Ukrainian shipments remain lower because of the war. French exports remained tepid, and Romania was seen as likely to lead any EU supply.
