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EU wheat rallies with Black Sea corridor back in focus

Euronext wheat futures rose on Friday to a one-month high as renewed Russian criticism of a wartime grain agreement with Ukraine put attention on risks to Black Sea exports.

March milling wheat (BL2H3) on Paris-based Euronext settled 1.8% higher at 297 euros ($316.93) a tonne.

The contract earlier reached 298.25 euros, its highest since Jan. 9, after breaking chart resistance, though it remained shy of the psychological 300 euro threshold.

Over the week, it posted a 4.4% gain.

“Geopolitics is back at the centre of attention,” a futures dealer said. “Plus you have weather concerns and short positions in the market.”

U.S. wheat futures, (KWv1) rose sharply, supported by concern over the Black Sea export deal as well as uneven rain forecasts for drought-affected parts of the U.S. Plains.

A dry February so far in Europe was also being monitored as the key spring growing season approaches.

But a lack of visibility on the corridor agreement could hamper Black Sea trade going forward.

“This uncertainty could be supportive for Euronext in the near term if there is more hedging using west EU wheat against the risk that the shipping channel could be stopped,” a German trader said.

Traders said a Spanish importer had this week sought about 12,000 tonnes of 12.5% protein milling wheat from the Baltic region for March shipment to Valencia, though the offer was 7-8 euros below selling ideas.

Source: Reuters

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