Euronext wheat futures climbed 1.3% to €224.75 per metric ton, supported by gains in Chicago wheat futures and a weaker euro, which has improved European export prospects.
The market is recovering from a recent six-month low, driven by concerns over dry conditions in U.S. wheat-producing regions and renewed buying interest. Algeria’s latest tender has further lifted sentiment, signaling stronger export potential. France’s potential 300,000-ton wheat shipment to Morocco underscores regional pricing advantages, though its impact on domestic supplies remains uncertain.
The wheat market’s rebound reflects broader global trends, with geopolitical factors and currency shifts enhancing the appeal of European wheat. Meanwhile, China’s tariffs on Canadian canola have pressured rapeseed futures, highlighting ongoing economic tensions in agricultural trade.
Investors are closely watching the upcoming USDA report for insights into global supply and demand dynamics. As volatility persists, market participants remain focused on evolving trade policies and weather-related risks that could shape future agricultural trends.
