Wheat prices in the EU rebounds from two-week low in Chicago meetings

  • Wheat prices in the EU rebounds from two-week low in Chicago meetings
    FarmIreland.t. E.
    Exchange wheat rose on Thursday, recovering from two-week low touched in each of the two previous sessions, as prices in Chicago rose the cheerful news feeds and some traders saw the recent pullback as overdone given the weather-hit supplies to Europe.
    https://www.independent.ie/business/farming/tillage/grain-prices/eu-wheat-prices-rebounds-from-twoweek-low-as-chicago-rallies-37225466.html
    https://www.independent.ie/incoming/article37179349.ece/b12ac/AUTOCROP/h342/2018-07-26T134003Z_1042083554_RC145D5A33D0_RTRMADP_3_GRAINS-IGC.JPG

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Exchange wheat rose on Thursday, recovering from two-week low touched in each of the two previous sessions, as prices in Chicago rose the cheerful news feeds and some traders saw the recent pullback as overdone given the weather-hit supplies to Europe.

December wheat, the most active contract on the Paris stock exchange euronext stock exchange, settled 2.75 euros or 1.3%, higher at 210.25 euros ($238.93) per ton.

The contract fell to € 205.50 Tuesday and Wednesday, the cost had not seen since August. 1, but found chart support at this level.

Chicago wheat rose 2 percent in the US trading Thursday, recouping losses from Wednesday as higher-than-expected weekly export sales United States, along with news of the purchase North American wheat for Iraq lifted sentiments.

Wheat markets of the rally in soybeans after China, the world’s top importer of raw materials, has announced a new round of talks with the United States in a trade dispute.

The price of wheat was stopped, since last Friday, the Ministry of agriculture monthly crop report less than expected reductions in weather-affected world wheat production.

But traders believe that prospects remain favorable for prices.

“We had the market digests the USDA report, and Aug not many physical operators, so you can see some speculation on the futures market,” the French cash broker said. “But the market remains in an uptrend”.

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Financial investors increased net long position on the stock exchange wheat futures and options in the week to Aug. 10 64,860 contracts 44,705 a week earlier, weekly data published by euronext showed.

In Germany a farmer selling was slow after the recent drops in Paris.

“I think many farmers expect higher prices in the coming months, followed by summer crop failures in Germany,” one German trader said.

Heat and drought were particularly damaged feed grain crop in Germany, with worse problems in the North and East of the country, and imports of feed wheat from South-Eastern Europe.

“German mills face, as a rule, a reasonable supply of wheat, as the volumes that were collected were of good quality. But some imports of milling wheat are also on the maps of Poland, Czech Republic and even France.”

Standard new crop wheat with 12 percent protein with a September delivery in Hamburg was offered for sale unchanged at 5 euros over Paris November.

Feed wheat in Germany, the South Oldenburg market in September-December were offered for sale over milling wheat at a price of about 223 euros a tonne, with buyers looking for 222 euros.

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