Global wheat and canola: now American prices are pulling the trend down

Published 2024년 7월 16일

Tridge summary

Cereal prices have hit a four-month low, with wheat prices dropping below 215 euros per tonne due to increased global production as reported by the USDA. The European wheat market faces pressure from Black Sea harvests and low export prices from Russia and Ukraine. Corn prices remain relatively stable amid production concerns in the Balkans and the Black Sea. Rapeseed prices continue to fall, driven by favorable growing conditions in Canada. Mixed weather conditions in Europe are affecting crop quality and harvest progress. The USDA has raised yield estimates for the USA, Pakistan, and Canada, while forecasts for Russia, Ukraine, and the EU remain unchanged.

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

Original content

Cereal prices are at a four-month low: they fell again on Monday, and the price of wheat fell below 215 euros after Friday's significant drop. The price of rapeseed is also and continues to plummet. The indicated price of wheat is the lowest level since April. The trigger is the USDA report, which increased global production by 6 million tons. The European wheat market is also affected by harvest pressure from the Black Sea and low export prices from Russia and Ukraine. On the other hand, the price of corn - as our paper recently wrote - is holding up a little better due to the fear of a decrease in production in the Balkans and the Black Sea. However, canola sales are again falling sharply as Canadian canola benefits from good growing conditions in growing areas. According to agritel, from a meteorological point of view, the European continent is still divided into two parts by a southwest-northeast band, in the western half of which the weather is still humid and unstable, which ...

Source: Agraragazat