Wheat and Rapeseed Progress on Euronext
By ODA UK | Published at
The wheat market set aside rumors about Russian exports to focus on Egypt's call to tender. As the session ended, the GASC bought 180KT of Russian wheat at a price that was nearly $9/T higher than its last purchase. A French offer was made, but it was $11/T to $14/T higher than the successful tender. At the same time, U.S. weekly sales were satisfactory and met expectations at 435KT. Wheat prices rose on both sides of the Atlantic against this backdrop.
On the maize market, U.S. prices climbed during the session thanks to export sales that continue to be very robust. Indeed, 1.4MT was sold last week. The strong rains forecast across the Corn Belt are still being monitored since they could disrupt harvesting. Euronext maize ended the session slightly lower due to a moderate increase by the euro-dollar exchange rate.
In terms of oilseeds, at the close of the European market, soya prices were advancing in light of the rain expected in the United States and very strong U.S. sales, which hit 1.5MT, more than the market expected.
Prices for oils travelled in different directions. Palm oil prices rebounded as the ringgit weakened against the dollar while soybean oil took the opposite path.
In the wake of palm and soya, and ongoing elevated crude oil prices, rapeseed finished the day higher on Euronext.