At the end of 2024, US wheat futures are trading 23-27% lower than last year

Published 2024년 12월 24일

Tridge summary

US wheat futures have seen a significant drop of 23-27% from last year, attributed to a successful harvest and favorable weather conditions for the 2025 winter crop. On the other hand, European wheat prices have remained stable due to a decrease in EU production. Turkish's decision to raise its wheat import quota and the European Commission’s downward revision of its soft wheat harvest forecast have contributed to an increase in prices for Russian wheat. Furthermore, the devaluation of the Ukrainian hryvnia has resulted in a rise in demand prices for food and feed wheat in Ukraine's Black Sea ports.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Last week, US wheat futures fell another 1-1.5% and are now trading 23-27% lower than last year on the back of a good US harvest this year and favorable weather conditions for sowing the 2025 winter crop. At the same time, European wheat prices have barely changed over the year due to a sharp reduction in EU production this season. March wheat futures rose yesterday: The quote supports the increase in US wheat exports for the second week in a row. Between December 13 and 19, exports increased by 35% compared to the previous week to 403.7 thousand tons, and in total in the 2024/25 MY reached 11.943 million tons, which is 27.2% ahead of last year's pace. European wheat prices are supported by the European Commission’s downward revision of its forecast for the 2024/25 soft wheat harvest from November’s estimate of 112.3 million tonnes to 111.9 million tonnes, the worst since 2012/13 and 10.6% below the 2023/24 output. In addition, Turkey’s decision to increase its wheat import quota ...

Source: Graintrade