Paris wheat prices rise amid concerns over U.S. crops and doubts regarding Iran ceasefire agreement

Unfavorable weather conditions affecting US crops, along with a rebound in oil prices triggered by market doubts over the sustainability of a US-Iran ceasefire agreement, have both provided support to wheat prices. However, the strengthening of the Euro against the US dollar and ample global wheat supply have limited the price increase. The May milling wheat contract closed up 1.1% in daytime trading, at 193.50 euros per ton (approximately $228.08), rebounding from last Friday's two-month low of 190.50 euros. As this near-term contract is about to expire, there have also been some technical adjustments in the market. The open interest for the new season's September futures contract has now surpassed that of the May contract, and it also closed up 1.1% in daytime trading, at 206.75 euros.