European wheat prices rise on weather concerns

As of April 18, the global wheat market has seen significant fluctuations, with the price of first-grade French wheat rising to $220/ton. This is part of a broader trend of fluctuating wheat prices, influenced by weather conditions across Europe, North America, and the Black Sea region, as well as geopolitical tensions, notably an explosion in an Iranian city linked to an Israeli attack. The Euronext witnessed a rise in May wheat futures, while FranceAgriMer adjusted its wheat export forecasts due to decreased competitiveness in the Algerian market. The U.S. Department of Agriculture forecasts an increase in EU wheat production for 2023/24 but a decrease for the 2024/25 season, with changes in imports, exports, and domestic use. The European Commission notes a decrease in EU wheat exports and an increase in imports, with Ukraine being a significant supplier. Additionally, there has been an increase in wheat exports from France's Rouen Port, and the euro has strengthened against the US dollar, marking its first year-on-year increase since 2020.