AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

PARIS: Euronext wheat ended little changed on Thursday, consolidating below an earlier seven-week high as a rally in US grain futures stalled. Benchmark December milling wheat on Paris-based Euronext settled unchanged on the day at 188.00 euros ($222.55) a tonne.

It earlier rose to 189.00 euros, a new high since mid-July, before paring gains in the face of chart resistance and an easing in US futures. Grain markets have been buoyed by brisk Chinese demand for US soyabeans and corn, along with concern over weather damage to Midwest crops. "The US market is having a little breather after its rally," a futures dealer said.

"Aside from the Chinese purchases, the rise wasn't necessarily fundamentally driven. It was also technical and fuelled by macro considerations for investors."

Wheat markets had been further supported by a steep rise in Russian export prices, which also steadied on Thursday. In Germany, 12% protein new-crop wheat for September onwards delivery in Hamburg was offered for sale at an unchanged 2 euros under the Paris December contact.

Buyers were seeking about 3 euros under Paris. More German exports are expected to Algeria and Britain, despite intense price competition in the Baltic Sea region.

"Lithuania and Latvia have made brisk sales to Algeria in past weeks to replace French wheat after the poor French harvest," a German trader said.

"Even Swedish wheat has been sold to Algeria. But hopes continue that German wheat will also be sold to Algeria, sub-Saharan Africa and Britain."

One ship recently loaded about 30,000 tonnes of wheat in a German port for Guinea in Africa while a series of smaller vessels of about 4,000 tonnes have sailed for Britain.

Comments

Comments are closed.