February 7, 2012

EU wheat futures show sharp rise

EU milling wheat futures rose sharply on Monday (Feb 6) to the highest level in nearly eight months as short-covering on front-month contracts and a falling euro pushed the market, according to traders.

March milling wheat was up EUR4.50 (US$5.90) or 2.07% at EUR221.75 (US$291) a tonne by 1044 GMT after rising to EUR222.50 (US$292), a level last seen on the contract on June 15.

The expiry next week of options on March futures had fuelled a burst of covering, traders said.