Algerian Tender Disrupts French Wheat Calculations

A new tender from Algeria to purchase wheat has drawn the attention of traders in the European grain market, amid anticipation of potential purchase volumes and their impact on prices, at a time when France faces the possibility of its wheat being excluded from the tender again due to political tensions between the two countries. Futures contracts for flour wheat on the Euronext exchange in Paris rose by 0.5% on Monday to reach €243.25 per ton, supported by the Algerian tender and declining hopes for a peace agreement between Russia and Ukraine that would allow the resumption of grain exports via the Black Sea, as well as the decline of the euro, according to Reuters.