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Euronext wheat hits to 2-year high

Reuters, 13.01.21

PARIS: Euronext wheat rose to its highest in over two years on Monday, as rising prices in Russia and reports the country could increase an export levy put attention back on supply risks in the leading wheat supplier.

Euronext wheat hits to 2-year high

Euronext also was also supported by a sharp fall in the euro against the dollar and an earlier rise in Chicago wheat as investors adjusted positions before widely followed US government crop forecasts on Tuesday, traders said.

March milling wheat on Paris-based Euronext settled up 1.25 euros, or 0.6%, at 218.00 euros ($265.22) a tonne.

It earlier climbed to 219.50 euros, a new life-of-contract peak and highest front-month price since August 2018, surpassing last week's peak of 219 euros.

Russia is considering raising its wheat export tax from the 25 euros ($30) per tonne planned between Feb. 15 and June 30, the Russian Union of Grain Exporters said.

Two sources familiar with the discussions told Reuters the government is considering raising the tax to 50 euros a tonne.

Russian wheat export prices have risen since late 2020 ahead of the planned tax, aimed at stabilising domestic food prices, consultancy IKAR said.

Forecasts of colder weather in the coming days in Russia and fellow grain exporter Ukraine also revived concern about crop conditions.

In Poland exporter purchase prices for 12.5% protein wheat rose 40 zloty on the week to about 965 zloty a tonne (213.0 euros) for January delivery to port silos.

"Polish wheat continues to look competitive in export markets and there is a large programme of ships loading wheat," one Polish trader said.

In the port of Gdynia, one vessel is set to load 60,000 tonnes for Saudi Arabia, another 30,000 tonnes Algeria, while two others are loading 52,000 tonnes and 54,000 tonnes for undisclosed destinations.

In Szczecin, another vessel is loading 25,000 tonnes for also for an undisclosed destination. Crop weather in Poland was favourable, with mild temperatures and sufficient rain, the trader added.

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