Euronext wheat futures rise to a one-month high as Morocco eyes French exports

Wheat prices in Euronext, a European stock exchange, were on the rise, Thursday, after Morocco announced that the start of its import season will be next month. The announcement increased export sentiment in France, Reuters reports.

«The price strength looks like it’s partly about Morocco», one futures broker told Reuters. «Argentine wheat is still a bit more expensive so that could leave France with more room in North and West Africa», he added.

Morocco announced, Thursday that it will cut custom duty on soft wheat to 35% by October. It also confirmed that it will buy wheat from the European Union and the US under «annual reduced –tariff quota agreements», the British news agency said.