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Movement on the grain exchanges

Раздвижване по зърнените борси
Chicago wheat futures rose on Friday, hitting their highest price since early November, after the market posted a one-week gain as traders covered short positions.

CBOT March wheat ended higher, marking the highest price since November 9.

Chicago Wheat Wv1 rose sharply as the dollar fell after comments by Federal Reserve Chairman Jerome Powell that the US central bank is likely to have ended its rate hike cycle.

Euronext wheat prices also rose to a one-week high on Friday as traders appreciated signs of improving export demand in Europe.

March wheat on Paris-based Euronext settled 1.1 percent higher at 228.75 euros ($248.86) a tonne. It earlier hit a one-week high of €229.25, breaking from Tuesday's near two-year low of €221.25.

Recent price declines and disruptions in the timing of Black Sea deliveries have stirred demand for Western European wheat, including in Morocco, according to traders.

Concerns about delays in some French wheat shipments to China have also eased.

The first French cargo of wheat for China this season is due to be loaded in the coming days at the ports of Rouen and La Palille, shipping data show.

Nord Cereales, which operates the Dunkirk grain terminal, said it would load wheat for China as planned this month, with about 250,000 tonnes to be shipped.

However, cheaper Russian grain and the expansion of traffic in the wartime corridor from Ukraine remained a limiting factor for prices. Russia, on the other hand, failed to win enough votes to be re-elected to the governing board of the UN shipping agency.

"Cheap Russian wheat was still on offer on Friday, although not as dramatically against European wheat as it has been in recent weeks," a German trader said.

"A shipment of 30,000 tonnes of Russian wheat was offered on Friday around $237/tonne FOB Black Sea for delivery in late December/early January," he said.

"The Ukrainian shipping channel continues to develop strongly with very low prices available for those willing to take the risk," the trader concluded.

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