EU wheat drifts lower as euro rebounds, Chicago rally stalls
PARIS, Nov 7 (Reuters) -Euronext wheat eased on Thursday to trade near a two-month low as the euro rebounded against the dollar and Chicago grain futures consolidated, with attention shifting away from Donald Trump's U.S. election win.
December wheat BL2Z4 on Paris-based Euronext settled 0.6% down at 215.25 euros ($232.49) per metric ton to move back towards Tuesday's low of 212.25 euros.
The euro EUR= rose against the dollar, a day after it tumbled to a four-month low as the U.S. currency surged in the wake of Trump's presidential election victory. FRX/
Investors were unwinding bets on a win for Trump, whose policies are seen likely to push the dollar higher, and turning their attention to a U.S. interest rate decision later on Thursday and U.S. government crop forecasts on Friday.
Chicago wheat Wv1 edged down as corn consolidated after a one-month high supported by brisk U.S. exports. GRA/
In Europe, traders reported that importers in Morocco had booked at least several cargoes of European Union wheat.
At the same time, ongoing Black Sea exports and the arrival of southern hemisphere harvests were keeping a lid on western European prices.
“EU export prospects have improved following the moves down by Euronext and Russia's export restrictions which are opening up possibilities for new sales to important North African customers, especially Morocco,” one German trader said.
“But the euro is firming today and Russian prices still look very cheap, so there is still a way to go to EU price competitiveness.”
Russian 12.5% protein December shipment wheat was on Thursday well under west EU prices at $230 to $233 a ton FOB.
"Overall, cheap wheat continues to trade in significant volumes," British merchant Frontier Agriculture said in a note. "It's currently very hard to see where the next significant rally is coming from."
In Germany, wheat exporters were also facing competition from the domestic market, where prices were sometimes more attractive, while farmers were keener to sell rapeseed after a rally in the oilseed, the German trader added.
February rapeseed COMG5 on Euronext settled up 1.9% at 532.75 euros per ton, tracking broad strength in oilseed markets. It earlier set a contract high at 533.75 euros that marked a highest front-month price since March 2023.
($1 = 0.9258 euros)
Reporting by Gus Trompiz in Paris and Michael Hogan in Hamburg; editing by David Evans
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
