Italy: Durum wheat, the nightmare drought affects the price

Published 2024년 4월 12일

Tridge summary

The article provides an overview of the agricultural markets, with a focus on the impact of weather conditions on crop production and prices, particularly in the European Union. It highlights the bullish trend for durum wheat in Italy due to drought conditions, potentially reducing national production below 3.5 million tons in 2024 and causing price increases. The broader European and global markets are also discussed, noting climate impacts on future harvests, uncertain supply from Turkey, and the sowing outlook in North America, Türkiye, and Russia. Additionally, the article addresses the stable supply of bread-making grains in the EU despite challenges such as climate trends, crop damage in France, and restrictions on imports from the Black Sea region. It mentions the continuation of zero-duty imports from Ukraine until 2025 and concludes with a note on grain prices on the Euronext and a partial return to lower prices in foreign markets like Minneapolis.

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

Original content

The "weather market" confirms itself as a bullish factor on all markets. Instead, the tender one trudges. Corn and soy are stable, rapeseed is doing well. Durum wheat, the climate factor shakes all the Italian markets. The bullish trend for durum wheat is confirmed after last week, supported by the local "weather market" which sees drought in Sicily and in areas of Southern Italy, which could reduce national production in 2024 below 3.5 million/t, with demand prospects in line with the historical one and greater dependence on imported products, both EU and foreign. Durum wheat with "medium-low" specifications is practically impossible to find, the Fino type rises in price from North to South on all mercurials, waiting for more information on the climate (high temperatures in the South) and reflections on prices and market prospects at close to the country jump. Stocks of non-EU origin are reduced and the sirens of low-price offers from Spain at the end of May - early June. The ...

Source: Terraevita