Weekly overview of the global wheat market (December 6)

Published 2024년 12월 6일

Tridge summary

The article provides an overview of the current agricultural market, focusing on weather conditions, crop yields, and market trends. It forecasts favorable weather in the US Midwest and Canadian prairies for developing wheat and barley, while dry conditions in Russia raise concerns about crop yields. In Australia, heavy rainfall challenges the harvest, but exports are expected to reach their highest level in four years. The market is influenced by political unrest in France, concerns about the Russian crop, and the competitive Argentine wheat prices. Canada anticipates a larger crop in 2024, especially durum wheat, due to increased yields and planted area. The article also mentions the establishment of export quotas and minimum prices in Ukraine and Russia, respectively. Additionally, it highlights the poor state of fall crops in Russia, which could impact export volumes.

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

Original content

Weather In the US Midwest, temperatures in the range of 5-10°C and rainfall of 10-20mm are expected, favorable for wheat, which is in the early stages of its development. In the Canadian prairies, temperatures between -5 and 0°C are forecast, accompanied by light snowfall of up to 10mm. These conditions are typical for this time of year, with wheat and barley remaining dormant. In Russia, the breadbasket of the country, no significant rainfall is forecast for the next seven days. Given the extremely poor outlook for the crop, this could definitely emerge as new "fodder" for the bulls. Meanwhile, extensive rainfall in Australia over the past two weeks has caused difficulties for the harvest campaign, and this pattern will continue to some extent into next week. Global market highlights MATIF wheat is on track for a weekly gain, supported by a number of factors. Political turmoil in France continues to weaken the euro, making European wheat more competitive on international markets. ...

Source: Agroportal