EU wheat holds at two-month low with US election and Egyptian tender in focus
Updates with wheat closing price, adds rapeseed
PARIS, Nov 5 (Reuters) -Euronext wheat hovered around a two-month low on Tuesday as traders awaited the outcome of the U.S. presidential election while assessing results from an Egyptian tender that suggested Black Sea export competition remained stiff.
December milling wheat BL2Z4 on Paris-based Euronext settled 0.1% up at 214.00 euros ($233.71) a metric ton.
The contract earlier touched its lowest since Sept. 3 at 212.25 euros, slightly below a previous two-month low from Monday.
A further rise in the euro EUR= against the dollar also weighed on Euronext by making Western European grain more expensive for export.
A corresponding drop in the dollar helped to push Chicago wheat Wv1 higher as investors adjusted positions while U.S. voters went to the polls to choose between Republican candidate Donald Trump and Democrat Kamala Harris. GRA/
“The markets have a risk-off mood today with the result of the U.S. election so uncertain,” one German trader said, adding that the strong euro heaps bad news on an already poor outlook for EU exports.
Egypt’s purchase of Ukrainian, Romanian and Bulgarian wheat in a tender on Monday was seen as a sign of continued Black Sea competition despite Russian steps to regulate exports, including through an unofficial price floor for international tenders.
"This shows that there is still wheat available in the Black Sea (region) and the Balkans," one French trader said of the Egyptian tender. "Russian wheat is readily available, too; just not for public tenders as firms are following the instructions for tenders."
Russian wheat continued to be quoted in daily markets at much lower prices than in the Egyptian tender, suggesting it would keep finding export outlets.
"In the end, Russia and Ukraine should export all of their availabilities," said Benoit Fayaud, analyst at Strategie Grains, part of commodity data group Expana.
"Unless Russia establishes an official quota policy, it will not change much," he said of the Russian price floor.
European Union soft wheat exports so far this season have reached 7.76 million tons, down 32% from a year ago, official data showed on Tuesday. The exports illustrate Black Sea competition as well as a reduced surplus from a rain-hit EU harvest.
In oilseeds, February rapeseed COMG5 on Euronext settled 0.8% down at 511.75 euros A ton, easing further from a contract high set last week.
($1 = 0.9157 euros)
Reporting by Gus Trompiz and Sybille de La Hamaide in Paris and Michael Hogan in Hamburg
Editing by David Goodman
Aset Terkait
Berita Terbaru
Pengungkapan: Entitas XM Group menyediakan layanan khusus eksekusi dan akses ke Fasilitas Trading Online kami, yang memungkinkan Anda untuk melihat dan/atau menggunakan konten yang tersedia pada atau melalui situs, yang tidak untuk mengubah atau memperluas, serta tidak mengubah atau memperluas hal tersebut. Akses dan penggunaan ini selalu sesuai dengan: (i) Syarat dan Ketentuan; (ii) Peringatan Risiko; dan (iii) Pengungkapan Penuh. Oleh karena itu, konten disediakan hanya sebagai informasi umum. Anda juga harus ketahui bahwa konten Fasilitas Trading Online kami bukan sebagai ajakan atau tawaran untuk untuk melakukan transaksi apa pun di pasar finansial. Trading di pasar finansial mana pun melibatkan tingkat risiko yang signifikan pada modal Anda.
Semua materi yang diterbitkan di Fasilitas Trading Online kami hanya untuk tujuan edukasi/informasi dan tidak boleh mengandung nasihat dan rekomendasi finansial, pajak investasi atau trading, catatan harga trading kami, penawaran, permintaan, transaksi dalam instrumen finansial apa pun atau promo finansial untuk Anda yang tidak diminta.
Konten pihak ketiga apa pun, serta konten yang disiapkan oleh XM, seperti opini, berita, riset, analisis, harga, informasi lain atau link ke situs pihak ketiga yang tersedia "sebagaimana adanya", sebagai komentar pasar umum dan bukan menjadi nasihat investasi. Sejauh konten apa pun ditafsirkan sebagai penelitian investasi, Anda harus memperhatikan dan menerima bahwa konten tersebut tidak dimaksudkan dan belum disiapkan sesuai dengan persyaratan hukum yang dirancang untuk mempromosikan kemandirian riset investasi dan dengan demikian akan dianggap sebagai komunikasi pemasaran di bawah hukum dan peraturan yang relevan. Mohon dipastikan bahwa Anda telah membaca dan memahami Notifikasi pada Riset Investasi Non-Independen dan Peringatan Risiko kami mengenai informasi di atas, yang dapat diakses disini.
