Paris wheat futures closed higher on Friday after a bounce in Chicago offered late support to a subdued European Union market. Euronext futures were little changed for much of the session as the market saw Thursday's US Department of Agriculture (USDA) as confirming a status quo of strong EU exports and comfortable global stocks.
A sharp fall in the euro to below $1.06 against the dollar reinforced the competitiveness of EU wheat, although traders said Thursday's announcement of the lowest weekly volume of EU export licences in almost nine months suggested new demand was tailing off.
Paris May milling wheat the benchmark on Euronext's main wheat contract, settled up 1.00 euro or 0.5 percent at 190.25 euros a tonne.
Over the week, the contract was down 3.50 euros, pressured by forecasts for rain relief in dry wheat belts in the United States and signs of slowing export demand. US wheat rebounded on Friday, with traders citing buying from investment funds that hold large short positions in the cereal.
Traders said Thursday's monthly crop report from the USDA brought little insight to traders as it was sandwiched between end-March stocks and plantings estimates, and then May's crop report that includes first forecasts for next season.
Traders were also monitoring the situation in Black Sea exporters Russia and Ukraine, where production could fall this year despite more favourable weather so far in spring.
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