EU Wheat Falls on Strong Euro, Thin Trade with Chicago Closed
European wheat prices fell on Monday due to a strong euro and thin trading volumes with US markets closed for Memorial Day.
European wheat declined on Monday following a drop in the dollar, which made euro-denominated goods less competitive on world markets, and after a weak close on US markets on Friday before the Memorial Day holiday weekend.
Benchmark September milling wheat on Paris-based Euronext was down 1% by 1545 GMT to €212.75 ($247.68) a metric ton. The dollar fell on Monday as hopes of a deal to reopen the Strait of Hormuz pushed oil prices below $100 per barrel.
Volumes were particularly thin on Euronext on Monday, with both the Chicago Board of Trade closed and the Pentecost public holiday in nearly half of European Union countries.
Impacted Symbols
Symbols affected by this headline and their sentiment signals
The news directly reports a decline in European wheat prices, negatively impacting the EBM1! futures contract.
Rapeseed prices also declined in line with wheat, but the impact is less direct than on wheat.
Chicago markets were closed for the holiday, so no trading occurred; thus no direct impact.
Corn prices may be indirectly affected by the wheat decline, but no trading due to Chicago closure.
Soybean prices are not directly related to wheat, and impact is limited due to Chicago closure.
Euro/US Dollar
The dollar's decline boosted the euro, positively impacting the EURUSD pair.
ENX (Euronext index) may be affected by overall market sentiment, but the news is not directly related to this index.
The news, analyses, and comments on this platform do not constitute investment advice. When making investment decisions, you should conduct your own research and consult with a qualified financial advisor if necessary. FiNews cannot be held responsible for any losses that may arise from the use of this information.
More Headlines
Tokyo Core Inflation Slows, Remains Below BOJ Target
Tokyo Core Inflation Slows, Remains Below BOJ Target
…Nikkei May Rise on Hopes for U.S.-Iran Peace Deal
Nikkei May Rise on Hopes for U.S.-Iran Peace Deal
…Australian Pension Fund HUB24 Faces Regulatory Scrutiny
Australian Pension Fund HUB24 Faces Regulatory Scrutiny
…