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EU wheat nears 3-year high after Egypt buys wheat

12/28/2010 @ 11:12am

EU wheat futures rise, with Paris milling wheat climbing to a near three-year high partly due to the results from Egypt's latest wheat tender, says a London-based broker.
He notes that a combination of the latest tender results and higher U.S. grain prices "has helped lift the market."
He also says that "Chicago has been on a bit of a rampage" Tuesday. Egypt's GASC bought 180,000 tons of wheat from Argentina and the U.S. The cheapest of the three cargoes amounted to 60,000 tons of Argentinean wheat priced at $315/ton or EUR239.78/ton, free on board.
March Paris milling wheat hit an intraday high of EUR250.25/ton, a price last seen on March 28, 2008. March Paris milling +EUR3.25 or +1.3% at EUR249.50/ton. (alex.macdonald@dowjones.com)
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(END) Dow Jones Newswires

December 28, 2010 12:00 ET (17:00 GMT)

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