Euronext Wheat Rises as Saudi Tender Looms and Euro Weakens

Euronext wheat prices rose for a second session on Friday, buoyed by a Saudi import tender and a weaker euro. The benchmark December milling wheat contract increased by 0.7% to €240.75 a metric ton.

The euro's decline against the dollar, following weaker-than-expected US jobs figures, has bolstered expectations that Western European wheat could be competitive in Saudi Arabia's tender for 535,000 tons of wheat. The results of the tender are expected on Monday.

Rising shipping costs may hinder the chances of French wheat being selected, however. Egyptian buyers have been negotiating with French suppliers this week, but they remain focused on Black Sea origins.