Global wheat market recovers marking a strong start to 2024

Published 2024년 2월 22일

Tridge summary

Chicago wheat futures are experiencing their strongest performance of 2024, with a 3.1% rally in May-24 futures, positively impacting European prices. The surge is due to fund profit-taking on short positions in grains. Despite ample Russian offers and stiff competition among exporters, international business has been recorded, including Jordan's purchase of 50Kt of wheat and Japan's tender issuance. The EU Commission reported robust EU export data for early 2024. US corn prices also saw a less significant rebound, supported by increased shipments and the sale of US corn to Japan for the upcoming season.

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

Original content

Wheat futures aimed in Chicago at their strongest performance of 2024, encouraging headway in European prices too, in a rebound spurred by fund profit-taking on their substantial short positions in grains. Chicago wheat futures for May-24 rallied 3.1% in Chicago which helped London feed wheat for May-24 recover into positive territory after an early foray below £160 /t. Paris milling wheat for May-24 at one point came back within €1 /t of the much-watched €200 /t mark. Aside from bargain buying interest, the catalyst for the rebound was unclear, after prices earlier headed lower again, continuing to feel pressure from strong competition among exporters for orders, at a time of ample Russian offers. However, some international business was recorded on the day, with Jordan buying a reported 50Kt of wheat, and Japan issuing a tender too. The EU Commission also reported EU export data which suggested a stronger start to 2024 than previously reported. The commission, which has ...

Source: UkrAgroConsult