Wheat prices tracked the positive territory on Thursday session and touched its best settlement in more than one week amid a stronger global demand for the commodity and growing concerns over an adverse weather conditions in North America.
No Bowing Down
US wheat futures did not bow down to persisting supplies as the commodity registered a 3% gain on Thursday to came in at its highest peak since February 23 at $4.58-1/4 a bushel.
Across Europe, the most active contract in the Paris-based Euronext exchange added up 0.50 euro, or 0.3%, to finish at 177.25 euros per ton, following the 178.00 intraday high, which was the highest since July 26.
A future dealer in Europe shared that the Euronext wheat is extending its run despite absence of fundamental factors due to the support given by the US market, which has been performing relatively well despite a stronger dollar.
The surge yesterday was prompted by a strong global demand as [purchase prices in the domestic market have chipped in additional 42 over the last week, as reported by the agricultural authority, UkrAgroConsult while fears over dryness in parts of the North American plains steered wheat prices in the bull zone.
Meanwhile in Europe, the European Union soft wheat exports showed further decline behind last season’s pace as it was down 12% compare to a year prior to settle at 16.1 million last February.