PARIS: European wheat futures ticked up Tuesday after a near four-month low as traders assessed a flurry of international demand that offset supply pressure from advancing northern hemisphere harvests.
Front-month September wheat on the Paris-based Euronext exchange settled 0.4% up at 214.25 euros ($233.10) a metric ton.
It earlier dropped to 211.50 euros, its weakest since March 22, as it briefly extended losses from Monday when it struck a three-month low.
Chicago wheat also steadied after a four-month low.
Egypt and Algeria both called wheat import tenders late on Monday in what traders viewed as a response to lower prices. Jordan, meanwhile, purchased wheat in another tender.
While the renewed demand lent some support, offers in Egypt’s ongoing tender on Tuesday highlighted large supplies of competitively priced Russian wheat.
Comments
Comments are closed.