PARIS: Euronext wheat rose on Thursday to its highest level in over three months as brisk demand from importers spurred a sharp rebound in US futures.
Gains in Paris were capped, however, by a steep rise in the euro against the dollar, farmer selling interest and technical resistance on price charts, dealers said.
Benchmark December milling wheat on the Paris-based Euronext exchange was up 1.50 euros, or 0.8%, at 190.25 euros ($226.11) a tonne at 1547 GMT, after earlier rising to 191.00 euros, its highest since May 25.
Traders were watching to see if it would close above a resistance zone of 189-190 euros which has acted as a ceiling in the past week.
Euronext trading was also marked by adjustments linked to the expiry of September futures at the end of the session.
US wheat futures added around 2% as a weaker dollar, tenders by wheat importing countries and expectations of Chinese demand helped the market recover from losses this week.
"We're seeing the market take off again on the back of demand," one futures dealer said.
Comments
Comments are closed.