European wheat futures rose to a seven-week high on 1 October as growing concern over the impact of drought in Russia, the world's leading exporter of the grain, diverted attention away from competition in the Black Sea export market, Oilworld reported.
Thus, December wheat futures on the Euronext Paris exchange closed with an increase of 2.4% to the level of the previous trading day at EUR 227.5 ($251.5) per tonnes, with dealers also citing support for the sharp decline in the EUR against the US dollar.
At the same time, the said contract reached its highest value since 9 August at EUR 228.25/t during trading.
On the CBOT exchange on 1 October, wheat also rose in price (by more than 2%) as forecasted dry weather on the US plains intensified concerns about its harvest.
