Analysis: the global market remains under pressure from high wheat yields in major producing countries

Prices for Russian wheat with 12.5% protein for December delivery remained at the previous week's level of $227.5/t FOB. French wheat increased to $228/t (+$1/t), Romanian to $234/t (+$2/t), American to $243/t (+$6/t), and Argentine to $214/t (+$5/t). Ukrainian wheat with 11.5% protein decreased to $228/t (-$1/t). On December 3, Algeria for the first time since the end of October contracted a significant volume of wheat up to 900 thousand tons of wheat (11.5% protein) at a price of $256/t C&F, which, when converted to FOB Novorossiysk, amounted to $226/t and corresponds to the current market. The market remains under pressure from high wheat yields in major producing countries. However, the decline in the quality of milling wheat in Argentina is supporting demand for it from other countries. The Statistics Bureau of Canada increased the forecast for the wheat harvest by 3.3 million tons to a record 40 million tons (2024/25 - 35.9 million tons). Demand prices for wheat (4 kl, 12.5% ...