Wheat in Europe is the most expensive since March 2023

The unfavorable forecast of the US Department of Agriculture (USDA) for the state of the global balance of wheat in 2024/25 caused the continuation of the price rally in Chicago and Paris (Euronext). The USDA's May 10 outlook for dynamic consumption development and melting wheat stocks were the main price-supporting news for the market amid deteriorating crop conditions in Russia, the EU and Ukraine. Demand is growing, global stocks remain tight, and problems with the new crop are intensifying," commented James Bolsworth, director of the British analytical company CRM AgriCommodities, two weeks ago. Meanwhile, the situation continued to deteriorate, mainly due to looming significant crop damage in Russia. The share of crops affected by frost in the central regions of the Russian Federation turned out to be significantly larger than the initial data. In addition, after the sharp cold snap, the southern regions of the country were hit by abnormal heat and prolonged absence of rain. ...