EU wheat prices fall to lowest level since April as supply pressure continues

Published 2024년 7월 15일

Tridge summary

European wheat futures have dropped to their lowest level since April, driven by ample global supplies and larger-than-expected U.S. crop forecasts. Euronext September wheat futures fell 1.5% to €220.00 per tonne, influenced by favorable harvest conditions in the U.S. and Russia, despite poor conditions in France. The market is focused on competitively priced Russian and Ukrainian wheat, with Russian wheat priced between $211 and $221 per ton FOB and Ukrainian wheat nearing $200 per ton FOB. Swedish wheat trade forecasts an increase to 2.9 million tonnes, although low Black Sea prices are impacting export prospects.

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

Original content

European wheat futures fell to their lowest level since April on Friday as widespread U.S. government forecasts highlighted ample global supplies, including a larger-than-expected U.S. crop. Euronext September wheat futures fell 1.5% to €220.00 ($239.84) a tonne. The contract fell to 218.25 euros, its lowest level since April 22, immediately after the release of the US Department of Agriculture (USDA) monthly world report, but as earlier this week, it held chart support at 220 euros at the close. Prices have come under pressure this month as warm, dry weather helped advance the harvest in the US and Russian belts. That outweighed the poor outlook in France, where heavy rains are expected to reduce production to some of its lowest levels in decades. “Market attention remains focused on very cheap Russian wheat and low Ukrainian prices, which are approaching $200 per tonne FOB,” said one German trader. “Next week in southern Russia the weather is forecast to be predominantly hot and ...

Source: Oilworld