AIRLINK 204.45 Increased By ▲ 3.55 (1.77%)
BOP 10.09 Decreased By ▼ -0.06 (-0.59%)
CNERGY 6.91 Increased By ▲ 0.03 (0.44%)
FCCL 34.83 Increased By ▲ 0.74 (2.17%)
FFL 17.21 Increased By ▲ 0.23 (1.35%)
FLYNG 24.52 Increased By ▲ 0.48 (2%)
HUBC 137.40 Increased By ▲ 5.70 (4.33%)
HUMNL 13.82 Increased By ▲ 0.06 (0.44%)
KEL 4.91 Increased By ▲ 0.10 (2.08%)
KOSM 6.70 No Change ▼ 0.00 (0%)
MLCF 44.31 Increased By ▲ 0.98 (2.26%)
OGDC 221.91 Increased By ▲ 3.16 (1.44%)
PACE 7.09 Increased By ▲ 0.11 (1.58%)
PAEL 42.97 Increased By ▲ 1.43 (3.44%)
PIAHCLA 17.08 Increased By ▲ 0.01 (0.06%)
PIBTL 8.59 Decreased By ▼ -0.06 (-0.69%)
POWER 9.02 Decreased By ▼ -0.09 (-0.99%)
PPL 190.60 Increased By ▲ 3.48 (1.86%)
PRL 43.04 Increased By ▲ 0.98 (2.33%)
PTC 25.04 Increased By ▲ 0.05 (0.2%)
SEARL 106.41 Increased By ▲ 6.11 (6.09%)
SILK 1.02 Increased By ▲ 0.01 (0.99%)
SSGC 42.91 Increased By ▲ 0.58 (1.37%)
SYM 18.31 Increased By ▲ 0.33 (1.84%)
TELE 9.14 Increased By ▲ 0.03 (0.33%)
TPLP 13.11 Increased By ▲ 0.18 (1.39%)
TRG 68.13 Decreased By ▼ -0.22 (-0.32%)
WAVESAPP 10.24 Decreased By ▼ -0.05 (-0.49%)
WTL 1.87 Increased By ▲ 0.01 (0.54%)
YOUW 4.09 Decreased By ▼ -0.04 (-0.97%)
BR100 12,137 Increased By 188.4 (1.58%)
BR30 37,146 Increased By 778.3 (2.14%)
KSE100 115,272 Increased By 1435.3 (1.26%)
KSE30 36,311 Increased By 549.3 (1.54%)

PARIS: Euronext wheat climbed further on Thursday, again buoyed by rising corn prices that raised the prospect of additional demand for wheat. Worries over drought in Brazilian corn-growing regions drew attention away from beneficial rain for some European wheat belts, including dry French plains, traders said.

September milling wheat on Euronext settled 4 euros, or 1.8%, higher at 230.25 euros a tonne, as it moved back towards last week’s life-of-contract peak of 233.50 euros. Euronext wheat again saw adjustments ahead of Monday’s expiry of May futures. The front-month contract settled 2% higher at 253.50 euros.

Chicago corn rose to a new eight-year peak.

“Corn remains the driver for the global wheat market,” British merchant ADM Agriculture said in a note.

Corn influences wheat as both cereals are used in livestock rations, and increasingly expensive and scarce corn supplies have raised expectations of extra use of wheat.

“Wheat is set to be competitive in feed up to October and the corn harvest,” a French trader said.

In Germany, traders also cited end-of-season export demand for milling wheat.

“Large shipments of German wheat are expected to be made in May for Algeria, which is dominating German wheat exports this season,” a German trader said.

“But shipments to Iran and Nigeria are also expected.”

Standard 12% protein wheat for September delivery in Hamburg was offered for sale little changed at around 4.5 euros under Paris December. Buyers were seeking 5 euros under.

Forecasts of widespread rain this week and next in western Europe were easing concern about crops after a dry April, although warmer temperatures were also needed, traders said.

“Good volumes of rain fell again in Germany today and more is forecast up to Friday evening, which is what wheat plants need,” the German trader added.

In rapeseed, August futures set a new contract high at 541.75 euros a tonne, before settling at 540.50 euros, up 3.5%.

Comments

Comments are closed.