Wheat and corn prices finally found their way up Wednesday mid-session on Euronext. The trend is benefiting in particular from the rebound in Chicago in response to sustained port activity last week in the United States. FranceAgriMer has also raised its target ofFrench wheat exports to third countries, at 10.6 Mt in its latest monthly report. Domestic maize consumption was also raised by 50 kt, to 5.9 Mt.
The last Algerian call for tenders would also have concluded its call for tenders with the purchase of 570 kt of soft wheat for March loading, part of which could be of French origin given the tariff treated ($334.50/ t C&F). The market is also reacting to comments from Vladimir Putin evoking possible export restrictions in Russia in order to preserve national stocks.
Shortly before 2 p.m., the wheat Euronext maturing in March 2023 rose by €2.50/t, to €289.25/t, while the May 2023 contract climbed by €3/t, to €286.25/t. the corn Euronext for June 2023 delivery rose by €2.5/t, to €281.50/t, the March 2023 term rose by €2.5/t, to €281/t.