March 28, 2011
EU wheat futures gain further on big US corn sale
EU's milling wheat futures extended sharp gains in Friday (Mar 25) afternoon's trade as news of a huge US corn export sale boosted grain markets.
The sale to an unknown destination was widely thought by traders to be for China, whose potential imports of corn have been the subject of intense rumours.
May milling wheat on Euronext was up EUR11 (US$15.46) or 4.79% at EUR240.75 (US$338.42) a tonne, after climbing as high as EUR241.75 (US$339.83) and breaching resistance around EUR237.50 (US$333.85).
On the much less liquid corn market in Europe, June futures were up EUR8.75 (US$12.3) or 3.95% at EUR230.50 (US$324.01).
Paris wheat had already risen sharply earlier on concerns about dry crop weather and tension on the cash market in France, traders said.