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 was higher on Wednesday as strong export demand kept physical prices firm in Europe, while fresh highs for US corn and soybean futures lent support to wheat.

March milling wheat, the most active contract on Paris-based Euronext, settled up 1.50 euros, or 0.7%, at 210.75 euros ($250.10) a tonne.

Wheat was again underpinned by the ongoing rally in corn and soybeans, driven in turn by strong Chinese demand and concerns over dry conditions in South American growing belts.

In Chicago, soybeans hit a new four-year high and corn a fresh one-year peak.

While wheat futures were seen following corn and soy, physical wheat markets in Europe remained firm because of a run of exports, with French and German export premiums holding onto recent gains, traders said.

France could sell another million tonnes of wheat to China in the second half of 2020/21, on top of 1.6 million expected in the first half of the season, absorbing much of a limited French export surplus after this summer's harvest, trading firm Lecureur said on Wednesday.

In Germany, standard bread wheat with 12% protein for November delivery in Hamburg was offered for sale unchanged at about 3.5 euros over Paris December.

Buyers were seeking around 2.5 euros over Paris.

"Strong export flows continue from Germany with wheat being brought from points further inland to support the busy programme of ships loading for export," one German trader said.

"Yet another big tender closed today, with Pakistan seeking 400,000 tonnes and the EU looks like having a decent chance of supplying a good part of any purchase."

Mild weather was helping winter cereal crops in Germany as sowing wound down, the trader added.

In France, optimal sowing conditions could let the soft wheat area for next year's crop rebound to 5.1-5.2 million hectares, Lecureur said. -Reuters

Comments

Comments are closed.