European Markets Climb Again
By ODA UK | Published at
Wheat rose 1% today on Euronext to return to nearly €160/T for the near-term expiry. The U.S. market continues to show signs of concern about U.S. wheat production for the new campaign. Freezing temperatures are not the only factor affecting wheat. Dry conditions are also significantly impacting ratings with Kansas wheat seeing a 14-point decline in "good to excellent" in one month.
On the oilseeds complex, palm oil prices jumped sharply today (+3%) as export demand increased and rumors circulated of Malaysian export taxes being eliminated. Soybean oil followed the movement in Chicago by progressing 1% during the session.
For their part, soybean and soya meal prices climbed moderately. Indeed, the two-week forecast for rain in Argentina is less significant, which could revive tensions about these products if forecasts are confirmed in the coming days.
Lastly, rapeseed advanced sharply today in the wake of oils, as well as an increase in crude due to continuing political tensions in Iran and a return to a lower euro-dollar exchange rate. The break in the bearish trend that began in early November accelerated the gains by rapeseed in the middle of the day on Euronext.