EU wheat slips to lowest since April as supply pressure persists globally

Published 2024년 7월 15일

Tridge summary

European wheat futures have dropped to their lowest levels since April, influenced by U.S. government forecasts predicting ample global supply, including a larger than expected U.S. crop. Euronext's September wheat fell by 1.5% to 220.00 euros per metric ton, with Chicago wheat also reaching its lowest since April. Favorable weather conditions in the U.S. and Russia are aiding harvests and putting downward pressure on prices, despite poor crop prospects in France. Low wheat prices in Russia and Ukraine are affecting export opportunities in Sweden, where barley harvesting has started and wheat crop forecasts have increased to 2.9 million tons from 2.5 million last year.

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, as widely followed U.S. government forecasts underscored ample global supply including a bigger than expected U.S. crop. September wheat on Euronext settled 1.5% down at 220.00 euros ($239.84) per metric ton. The contract fell to 218.25 euros, its lowest since April 22, just after the U.S. Department of Agriculture’s (USDA) monthly world report, but like earlier this week held the 220 euro chart support level at the close. Chicago wheat Wv1 also fell to its lowest since April, with the USDA increasing its estimates of U.S. wheat production and stocks this season by more than anticipated. Prices have been under pressure this month as warm, dry weather has helped harvesting advance in U.S. and Russian crop belts. That has outweighed 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 ...

Source: Hellenic Shipping News