Euronext Wheat Prices Bounce Back from Three-Week Low

Euronext wheat prices rebounded on Monday after hitting a nearly three-week low. The December contract, which is the most-active position on Paris-based Euronext, closed up 2% at €232.75 ($267.78) per metric ton.

The recovery in Chicago wheat and a weaker euro also contributed to the price increase. A stronger European market had been expected due to ongoing war risks to Black Sea grain trade, which has disrupted flows from the region.

Algeria's state purchasing agency was expected to tender for wheat in coming weeks for September shipment, but speculation is growing that it may skip this tender and instead buy wheat for October shipment. This could lead to further volatility in prices.