Tridge summary
European wheat prices are experiencing support due to increased demand and lower production estimates, although this is limited by ample Black Sea supply and positive US maize conditions. The US is expected to announce an increased maize yield, which is capping wheat gains. Meanwhile, Egypt, Jordan, and Algeria's wheat tenders have inspired European markets. The EU-27 is facing downward production revisions, with France and Russia reducing their wheat production forecasts. In contrast, Brazil's soybean exports have grown, but the planting growth might slow down for the 2024/25 season due to low prices and flooding. Argentine oilseed unions' strike is affecting shipments, potentially supporting soybean prices. Malaysian palm oil futures have dropped, with production reaching 1.84 Mt in July. Canada's rapeseed crop is maturing quickly but faces issues like sclerotinia stem rot and extreme heat. The EU has imported 0.35 Mt of rapeseed for the new season, and the yield results from six AHDB trial sites show variable outcomes.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Improved demand and lower production estimates in Europe offer support to wheat prices, though ample Black Sea supply and positive US maize condition limits the outlook. Benign weather forecast across the US Midwest continues to support US maize crops such that the market is expecting an increased yield from the USDA. However, the current low price of maize could encourage more demand. Improved wheat demand in addition to production concerns in Europe offered support to wider cereals last week. However, in Europe, barley production is not believed to have been as negatively impacted as wheat, and so the better production outlook weighs. Global wheat markets closed with a modest gain last week (Friday to Friday). Increased demand for wheat from key import origins and notably lower production forecasts for European wheat offered support. However, pressure from maize continues to cap gains for wheat as the market anticipates an increased US yield forecast in today’s USDA World ...
Source: Ahdb
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