Euronext Wheat Prices Rise on Weaker Euro and Saudi Tender News
Euronext wheat prices surged to a one-week high on Thursday, driven by a decline in the euro and news of a Saudi tender. The benchmark December milling wheat contract on Paris-based Euronext settled at €239 ($268.11) a metric ton, up 1.3% from the previous day.
The euro's weakness made European grain cheaper for export, boosting demand and helping to reverse the recent price decline. The Saudi tender, which seeks 535,000 metric tons of wheat for shipment in November and December, is seen as a positive sign that prices have bottomed out.
Eastern EU origins like Polish, Baltic States, and Romanian wheat are well-positioned to take advantage of the opportunity, while Russian wheat sold via Baltic ports and Western European supplies may also be contenders. However, persisting concerns about war disruption to Black Sea wheat supply continue to underpin prices.