EU wheat prices fall to one-month low

Published 2024년 10월 28일

Tridge summary

Euronext wheat prices have dropped to a one-month low due to competition from Russian wheat, despite government price controls. December wheat futures fell 2.1% to 216.75 euros a tonne. The competitive pricing of Russian wheat, along with eased security concerns due to Turkish President Tayyip Erdogan's discussion with Russian counterpart Vladimir Putin about Black Sea shipping, have diminished export hopes in western Europe. Meanwhile, Ukrainian exports remain strong, and Argentine wheat exports are projected to reach 13.3 million tonnes in the 2024/25 season. However, concerns about a slow start to the European Union's export season persist, with wheat shipments being a third below last year's levels.

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

Original content

Euronext wheat prices fell to a one-month low on Friday as signs that Russian wheat remains competitive abroad despite government price controls dampened export hopes in western Europe. December wheat futures on Paris-based Euronext fell 2.1% to 216.75 euros ($234.16) a tonne. It had earlier fallen to 216.00 euros, the lowest since September 20. Russian 12.5% protein wheat for November delivery was quoted around $235-$237 a tonne free on board on Friday, after an unofficial floor for November of $245 this week. “Russian wheat prices are showing a more subdued trend today, with more quotes below the unofficial minimum export price and cheaper than the EU,” a German trader said. “Buyers are resisting the Russian minimum price and are aiming for $230 this week for October/November deliveries,” a trader said. News that Turkish President Tayyip Erdogan discussed Black Sea shipping with Russian counterpart Vladimir Putin also eased security concerns, traders said. Ukrainian exports ...

Source: Oilworld