Euronext wheat follows Chicago wheat after US stocks report

Published 2024년 10월 1일

Tridge summary

Euronext wheat prices increased on Monday due to concerns over weather risks to the Northern Hemisphere planting season and lower-than-expected U.S. corn and soybean stocks. However, gains were limited by higher-than-expected U.S. wheat stocks. Adverse weather conditions, such as drought in Russia and heavy rains in the EU, and potential supply shortages have led to high premiums for late-delivery positions on Euronext. Additionally, prices in Poland have risen due to tight export supplies and reluctance to sell at current low levels.

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

Original content

Euronext wheat rose on Monday as traders assessed weather risks to the Northern Hemisphere planting season and as Chicago futures firmed after lower-than-expected estimates of U.S. corn and soybean stocks by the U.S. Department of Agriculture (USDA) late in the European trading day. December wheat futures on the Euronext Paris exchange closed up 0.3% at 221.75 euros ($247.14) a tonne. Chicago wheat futures rose around 0.8% in early trade on Monday after the U.S. Department of Agriculture (USDA) estimated September U.S. corn and soybean stocks to be year-on-year but below market expectations. However, gains were capped by higher-than-expected estimates of U.S. wheat stocks by the USDA. Drought in Russia and heavy rains in parts of the European Union have created uncertainty over sowing conditions, offsetting pressure from short-term export competition from Black Sea supplies. While it is too early to predict any impact on the 2025 harvest, the adverse weather conditions have drawn ...

Source: Oilworld