AIRLINK 200.90 Decreased By ▼ -4.91 (-2.39%)
BOP 10.15 Decreased By ▼ -0.09 (-0.88%)
CNERGY 6.88 Decreased By ▼ -0.18 (-2.55%)
FCCL 34.09 Decreased By ▼ -0.57 (-1.64%)
FFL 16.98 Decreased By ▼ -0.12 (-0.7%)
FLYNG 24.04 Decreased By ▼ -0.64 (-2.59%)
HUBC 131.70 Increased By ▲ 0.52 (0.4%)
HUMNL 13.76 Decreased By ▼ -0.22 (-1.57%)
KEL 4.81 Decreased By ▼ -0.10 (-2.04%)
KOSM 6.70 Decreased By ▼ -0.11 (-1.62%)
MLCF 43.33 Decreased By ▼ -1.01 (-2.28%)
OGDC 218.75 Decreased By ▼ -3.02 (-1.36%)
PACE 6.98 Decreased By ▼ -0.24 (-3.32%)
PAEL 41.54 Decreased By ▼ -1.15 (-2.69%)
PIAHCLA 17.07 Decreased By ▼ -0.06 (-0.35%)
PIBTL 8.65 Increased By ▲ 0.23 (2.73%)
POWER 9.11 Increased By ▲ 0.02 (0.22%)
PPL 187.12 Decreased By ▼ -3.74 (-1.96%)
PRL 42.06 Decreased By ▼ -1.43 (-3.29%)
PTC 24.99 Increased By ▲ 0.20 (0.81%)
SEARL 100.30 Decreased By ▼ -2.36 (-2.3%)
SILK 1.01 Decreased By ▼ -0.01 (-0.98%)
SSGC 42.33 Decreased By ▼ -0.41 (-0.96%)
SYM 17.98 Decreased By ▼ -0.42 (-2.28%)
TELE 9.11 Decreased By ▼ -0.15 (-1.62%)
TPLP 12.93 Decreased By ▼ -0.22 (-1.67%)
TRG 68.35 Decreased By ▼ -0.43 (-0.63%)
WAVESAPP 10.29 Decreased By ▼ -0.13 (-1.25%)
WTL 1.86 Increased By ▲ 0.06 (3.33%)
YOUW 4.13 Increased By ▲ 0.13 (3.25%)
BR100 11,949 Decreased By -85.4 (-0.71%)
BR30 36,367 Decreased By -410 (-1.11%)
KSE100 113,837 Decreased By -659 (-0.58%)
KSE30 35,762 Decreased By -241 (-0.67%)

HAMBURG: European wheat jumped on Monday as the continuing Russian invasion of Ukraine and sweeping Western sanctions against Moscow deepened fears of disruption to Black Sea export flows.

Benchmark May wheat on the Paris-based Euronext unoffically closed up 25.75 euros, or 8.8%, at 315.50 euros ($353.61) a tonne.

It remained below Thursday’s peak of 341.75 euros, an all-time high for Paris-based futures following the start of the fight in Ukraine.

Traders remained nervous about the risk of large volumes of Ukrainian and Russian wheat being inaccessible to the international market, with Egypt’s cancellation of a second import tender in a row underscoring disruption to normal activity.

“There’s some switching of origins going on here and there,” a French trader said. “But it’s clear with the GASC tender, in which you had just two French offers at hefty prices, there’s not that much on offer.”

Egypt’s GASC cancelled a wheat purchase tender on Monday in thin participation with a surge in prices.

French wheat was offered at the lowest price of $429.22 a tonne c&f, with only three trading houses taking part. In its last wheat purchase on Feb. 17, GASC bought wheat at $338.55 a tonne c&f after receiving about 20 offers.

German traders said the surge in Paris made sellers unwilling to deal, with expectations prices could rise further.

“There is a growing perception that fighting in Ukraine could go on longer than previously anticipated, which could continue to disrupt Black Sea region wheat exports,” one German trader said.

In maize (corn), Euronext June futures ended up 8.1% at 290.00 euros a tonne, supported by signs of demand for French maize to replace Ukrainian supplies.

Front-month March, which expires next week, briefly touched an all-time high for a Euronext maize contract at 328.25 euros.

Comments

Comments are closed.