PARIS/HAMBURG: Euronext wheat rose sharply on Wednesday, supported by a fall of the euro against the dollar and new reports of poor harvests in the European Union’s two largest producers France and Germany.
Benchmark December milling wheat on Paris-based Euronext was up 2% by 1555 GMT to 213.00 euros ($236.94) a metric ton.
The contract had hit a near six-month low of 204.75 euros a ton on Monday, pressured by competition from cheaper Black Sea wheat on world markets.
Updated quality results from this year’s French soft wheat harvest showed test weights and protein content, two key milling criteria, were below the average of the past five years, according to data published by farm office FranceAgriMer.
In Germany, the 2024 wheat harvest is expected to fall by 12.7% to 18.80 million metric tons due to poor weather, especially repeated summer rain as crops were being harvested, the agriculture ministry said on Wednesday.
The 2024 grain crop of all types is expected to decline by 7.2% to around 39.41 million tons, the ministry said. The report confirmed previous forecasts of a reduced harvest after unfavourable weather, including late winter frosts.
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