EU wheat supported by Black Sea export problems, Saudi wheat tender
WEAT•Euronext December wheat rose 1.5% to €245.25 per metric ton, reaching a three-week high as Black Sea shipping disruption, a weaker euro and Saudi Arabia’s 683,000-ton purchase supported prices.
1. Wheat reaches three-week high
Euronext December milling wheat rose 1.5% to €245.25 per metric ton on Monday, after reaching €246.25, its highest since September 10. The contract gained for a third straight session.
2. Exports and demand
Traders cited continuing disruption to Black Sea shipping and a weaker euro, which fell to a 17-month low against the dollar, as support for prices. Saudi Arabia bought 683,000 tons in a tender, with sellers free to choose the origin. Traders said reduced Russian and Ukrainian shipments could lead to part of the purchase being sourced in the EU, likely with Romania as the leading origin.
