EU wheat slips to lowest since April as supply pressure persists

Published 2024년 7월 15일

Tridge summary

European wheat futures have dropped to their lowest levels since April, influenced by abundant harvest supplies from the U.S. and Black Sea region, and traders' adjustments ahead of USDA crop forecasts. Euronext's September wheat fell by 1.7% to 219.50 euros per metric ton. Favorable weather conditions in the U.S. and Russia have facilitated harvesting, counterbalancing poor yields in France. Low wheat prices in Russia and Ukraine are affecting export opportunities in Sweden, where exporters are reluctant to sell despite a promising wheat crop forecast.

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

Original content

European wheat futures fell on Friday to their lowest since April, pressured by harvest supplies in the United States and Black Sea region. Traders were also adjusting positions before monthly U.S. Department of Agriculture (USDA) world crop forecasts, expected to include revisions to U.S. and Russian wheat production. September wheat BL2U4 on Euronext was down 1.7% at 219.50 euros per metric ton by 1527 GMT. It earlier fell to 219.25 euros, its lowest since April 22, though it continued to find chart support around the 220 euro level. Chicago wheat Wv1 also fell. Warm, dry weather has helped harvesting advance in U.S. and Russian crop belts and take attention away from poor prospects in France, where heavy rain is expected to push production down to one of its lowest levels in decades. “Market attention remains on very cheap Russian wheat and low Ukrainian prices which are approaching the $200 a ton FOB level,” one German trader said. “Mostly hot, dry weather is forecast in south ...

Source: Hellenic Shipping News