register Wheat The Euronext stock exchange rose slightly today, Monday, amid an assessment of a wave of demand from importers in exchange for an abundance of supplies in exporting countries.
The price of flour wheat futures for March delivery, the most widely traded contract on the Paris-based Euronext Stock Exchange, rose by 0.2% to 191.25 euros, equivalent to $222.63, per ton upon settlement.
Traders said that Algeria purchased about 600,000 tons of flour wheat in an international tender that closed today, Monday, noting that Argentine wheat is expected to be a major source of supply.
“The Algerian deal prices are so low that even Black Sea wheat was out of competition,” a trader said.
Saudi Arabia said on Monday that it had purchased 907,000 tons of wheat in a tender, which is much more than the amount that was originally requested at 595,000 tons, and it is expected that the Black Sea region will be…
Main supplier. The quality of the new Argentine crop is considered insufficient to cover large quantities of Saudi purchases of high-protein wheat.
“All this demand should help keep prices stable in the European market,” one futures trader said, and the rise in the euro against the dollar limited prices on the Euronext exchange.
One of the German traders said, “The week started with Saudi Arabia and Algeria, two of the largest buyers, bidding in the market, but it does not seem that the western European Union will get much business,” but he explained that a large amount of supplies will be out of supply, with Saudi Arabia buying much more than expected.
Traders indicated an increase in demand for wheat from Morocco, the main buyer from the bloc, last week, but the bloc’s markets faced competition in low-protein wheat from cheap offers from Argentina.
