Euronext wheat rises as Russian supply assessed
PARIS, Oct 10 (Reuters) -European wheat futures rose on Thursday as traders debated possible export curbs by Russia, though prices pared earlier gains after Moscow made a relatively small cut to its harvest estimate following adverse weather.
December wheat BL2Z4 on Paris-based Euronext settled 1.1% higher at 231.25 euros ($252.18) a metric ton.
News that Russia's agriculture ministry has called grain exporters to a meeting on Friday, according to sources, fanned speculation that Moscow will curb exports after heavy flows so far this season.
"Tomorrow's meeting to discuss Russian exports could be a major game-changer," British merchant ADM Agriculture said in a note. "Any restriction will lend support to the market."
Hefty Russian shipments in recent months have kept a lid on international prices. But with drought hampering sowing for next year's Russian harvest, there has been growing talk of potential export curbs to protect domestic supplies.
“Markets will be watching for signs the Russian authorities give warnings to exporters that shipments should be slowed or face actions such as tougher minimum export prices and quotas or refusal to provide phytosanitary (food safety) certificates,” one German trader said.
A wave of Russian attacks in recent days on Ukraine's ports, which sources say have pushed up shipping insurance costs, have also created concern about renewed risks to crucial Black Sea grain trade.
However, worries about Russian supply were tempered by an updated harvest estimate on Thursday, in which Deputy Prime Minister Dmitry Patrushev said the government now expected 83 million tons of wheat to be produced in 2024, down only moderately from 84 million forecast previously.
Traders had anticipated a larger revision after severe weather, including torrential rain, led several Russian regions to declare emergencies for farming.
The market was also monitoring wet weather in western Europe that has slowed wheat planting and maize harvesting.
Concern was focused on France, where a storm brought localised flooding since Wednesday, though in Germany conditions were seen as less worrying for field work.
($1 = 0.9170 euros)
Reporting by Gus Trompiz in Paris and Michael Hogan in Hamburg, editing by Nick Zieminski
Berita Terkini
Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
