Wheat prices on Euronext increased due to demand and competition

The wheat quotes on the Euronext exchange have slightly increased to 217 euros/ton compared to the previous trading session. The reason for this is the global demand for grain and competition with wheat from the Black Sea. The depreciation of the euro and Egypt's contract to purchase wheat from France also influenced prices. The prediction for wheat exports from the EU has been reduced, putting pressure on prices.

21 January 2024

On the Euronext exchange on January 18, wheat quotes increased slightly to 217 euros/t, compared to previous trading, where they were 216.5 euros/t. This happened due to traders taking into account global demand for grain and competition from wheat from the Black Sea.

The depreciation of the euro against the US dollar and Egypt's conclusion of a contract to purchase wheat from France supported prices. German traders assessed French wheat as cheaper at the tender, both on a FOB and C&F basis, despite unfavorable payment terms (270 days), which create risks for the seller.

At the same time, Strategie Grains experts reduced the forecast for wheat exports from the EU this year, which put some pressure on prices.

Market operators are also monitoring the situation in the Red Sea. According to the WTO, wheat supplies through the Suez Canal fell by 40% in the first half of January.

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Wheat prices on Euronext increased due to demand and competition

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