AGL 39.58 Decreased By ▼ -0.42 (-1.05%)
AIRLINK 131.22 Increased By ▲ 2.16 (1.67%)
BOP 6.81 Increased By ▲ 0.06 (0.89%)
CNERGY 4.71 Increased By ▲ 0.22 (4.9%)
DCL 8.44 Decreased By ▼ -0.11 (-1.29%)
DFML 41.47 Increased By ▲ 0.65 (1.59%)
DGKC 82.09 Increased By ▲ 1.13 (1.4%)
FCCL 33.10 Increased By ▲ 0.33 (1.01%)
FFBL 72.87 Decreased By ▼ -1.56 (-2.1%)
FFL 12.26 Increased By ▲ 0.52 (4.43%)
HUBC 110.74 Increased By ▲ 1.16 (1.06%)
HUMNL 14.51 Increased By ▲ 0.76 (5.53%)
KEL 5.19 Decreased By ▼ -0.12 (-2.26%)
KOSM 7.61 Decreased By ▼ -0.11 (-1.42%)
MLCF 38.90 Increased By ▲ 0.30 (0.78%)
NBP 64.01 Increased By ▲ 0.50 (0.79%)
OGDC 192.82 Decreased By ▼ -1.87 (-0.96%)
PAEL 25.68 Decreased By ▼ -0.03 (-0.12%)
PIBTL 7.34 Decreased By ▼ -0.05 (-0.68%)
PPL 154.07 Decreased By ▼ -1.38 (-0.89%)
PRL 25.83 Increased By ▲ 0.04 (0.16%)
PTC 17.81 Increased By ▲ 0.31 (1.77%)
SEARL 82.30 Increased By ▲ 3.65 (4.64%)
TELE 7.76 Decreased By ▼ -0.10 (-1.27%)
TOMCL 33.46 Decreased By ▼ -0.27 (-0.8%)
TPLP 8.49 Increased By ▲ 0.09 (1.07%)
TREET 16.62 Increased By ▲ 0.35 (2.15%)
TRG 57.40 Decreased By ▼ -0.82 (-1.41%)
UNITY 27.51 Increased By ▲ 0.02 (0.07%)
WTL 1.37 Decreased By ▼ -0.02 (-1.44%)
BR100 10,504 Increased By 59.3 (0.57%)
BR30 31,226 Increased By 36.9 (0.12%)
KSE100 98,080 Increased By 281.6 (0.29%)
KSE30 30,559 Increased By 78 (0.26%)

Euronext wheat rose sharply on Friday to reach its highest in over two months, spurred by a rally on the US market where the threat of crop damage from a snowstorm and optimism about a breakthrough in trade talks with China pushed prices higher. The gains reversed losses from a day earlier when corn and wheat markets slid following higher than expected supply forecasts from the US Department of Agriculture (USDA).

Benchmark December milling wheat on Paris-based Euronext settled up 3.00 euros, or 1.7%, at 180.00 euros ($198.65) a tonne. In late trading, the contract touched its highest since July 31 at 180.25 euros. Traders turned their attention away from the USDA's closely watched US corn yield forecast, viewed sceptically by many in the market due to weather setbacks this year.

The market is now assessing the risk of damage to US crops from a wintry storm passing over northerly grain belts. "It's going to be corn that will support wheat this season," a French trader said. "If you exclude China, we're looking at much tighter global stocks in corn than in wheat." In export news, Tunisia was set to book 50,000 tonnes of optional-origin milling wheat after accepting the cheapest offers in a tender on Friday, traders said.

A rebound in the euro to a three-week high against the dollar raised a question mark over the export competitiveness of western European origins. In France, farmers had sown 4% of the expected soft wheat for next year's harvest by Oct. 7, up from 1% a week earlier but down from 15% a year ago, farm office FranceAgriMer said on Friday.

Copyright Reuters, 2019

Comments

Comments are closed.