Weekly analysis of the global wheat market as of March 1, 2024

Weather Rain in the Mediterranean will continue for the next two days and then move into Western Europe. This would benefit Spain and Italy, but bring too much moisture to France and Great Britain. In the Black Sea region, rainfall was frequent enough to contribute to soil moisture in most areas, and due to the warmer temperatures wheat is starting to wake up from its slumber. In the US, a cold air front has brought snow to the Northern Plains and will continue with snowfall and strong winds next week, while the Central and Southern Plains will see record high temperatures for the period while also receiving favorable precipitation. Global market highlights MATIF wheat is trading around multi-year lows, continuing to feel the pressure of competitive supplies from Russia, which are still limiting any major gains in European grain markets. The EU export gap narrowed from last season to 20.55 Mt and is now just 3% below last year's pace of 21.1 Mt. Falling prices in Russia, the ...