Corn prices on European exchanges jumped this week because of a poor harvest, according to the weekly review by analysts at the Sofia Commodity Exchange (SCE).
The November corn contract on Euronext reached €303 a tonne (about $339) on Wednesday. On Friday the price was about €273, so corn rose €26 a tonne in two days.
In Chicago, prices kept falling. The December contract briefly dropped by the maximum daily limit and closed at about $189-190 a tonne. The gap between European and US prices is now more than $140 a tonne.
Wheat also rose on Euronext. The December contract traded at about €242 a tonne late last week and reached €248.25 (about $278) on Wednesday. SCE analysts say the rise comes from a weaker euro, higher demand and buying by funds that bet on rising prices and added to their positions.
In Chicago, wheat moved in a narrow range of about $246-248 a tonne. Feed wheat in Europe is now a better buy than corn.
Sugar stayed near its highest level in 19 months and did not rise further. Raw sugar for March delivery traded in New York at about $466 a tonne, while white sugar for December delivery traded in London at $561.10.
At the SCE, deals for milling wheat have been made at €198 a tonne since the start of the month. For feed wheat, a buy order at €192 a tonne remains open.
The exchange has many types of canned food on offer, and some deals are already done. "Apetit" pâté sold at €2.56 a kilogram, stuffed peppers at €2.71, bean stew at €2.01 and cabbage rolls with rice at €2.79. Mackerel in its own sauce traded at €3.02, and chicken with rice at €2.89. Strawberry jam at €3.25 and "Shipka" marmalade at €3.71 a kilogram were also put up for sale.
In the "Industrial goods" segment, there were deals in fuel and gas this week. Traded natural gas without excise duty totalled 772.20 thousand normal cubic metres. A95H petrol cost €1,308 to €1,359 per thousand litres, E5 diesel €1,525.62 to €1,545.69, and B6 diesel €1,550.
Gas oil for PKC traded at €1,491.21 to €1,820.52 per thousand litres, and propane-butane gas at €484 per thousand litres.