Durum wheat collapses on the Italian markets, corn also drops
Durum Wheat
Published Feb 24, 2024
Tridge summary
Durum wheat prices in Italy have plummeted due to low demand and uncertainty about future consumption, with foreign products filling the gap in national harvest. The supply pressure from foreign origins continues in Europe, with worsening climate expected in the USA-Canada plains. The market for generic bread products of Eastern European origins is weak due to limited demand and oversupply of non-EU origins, with exports hindered by Russian-Ukrainian competition. On Euronext, the March position is worth around €205-207/t, with May barely at €200/t, September at €206/t and the bread delivered port of Rouen at €191/t. The bearish trend continues globally due to ample availability and fierce competition among exporting countries.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
Signs of weakness are also recorded among fodder cereals, with downward trends also for barley and sorghum. Soybeans holding up better Durum wheat, prices fall further Italy New sharp drop in durum wheat prices on national markets, with declines of 5 to 10 euros/t compared to last week. The absence of demand for "Fino type" grains weighs heavily, with some demand for merchant and below merchant "cut" grains. The adequate availability of local and EU/foreign products, together with the uncertainty about future industry consumption, are the other depressing unknowns of a market with low demand and the (disappointing) 2023/24 production result. The arrivals of foreign products continue, to compensate for the quantitative and qualitative gap in the national harvest. New harvest progressing while waiting for the imminent rains and future agronomic decisions of the producers. In the main markets, the hard “Fino” is worth €365-370/t arriving in the North for the Central origin and ...
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