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Wheat prices on Euronext experienced a pause at mid-session, following a rise to a nearly three-week high the previous evening, driven by concerns over the upcoming Russian harvest and export restrictions. However, the surge is being tempered by harvests in the Southern Hemisphere. The Argentine harvest forecast has been increased by the Rosario Stock Exchange. Meanwhile, corn prices on Euronext were showing neutral to bullish trends, with the market reacting to a recent over 4% increase in the US. Euronext wheat and corn prices for March 2025 delivery saw slight increases.
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Original content
Wheat prices paused again on Thursday at mid-session on Euronext, after concluding at their highest level in almost three weeks on Wednesday evening. Concerns about the upcoming harvest in Russia and the tightening of export restrictions in the country are indeed driving the upward trend, but the pressure of harvests in the Southern Hemisphere is still limiting attempts at a sustainable recovery of the straw cereal. The Rosario Stock Exchange also raised its estimate of the Argentine harvest this year by 500 kt, to 19.3 Mt, compared to 14.5 Mt last year, taking into account better-than-expected yields observed with the progress of the harvests. Corn prices were also moving on a neutral to bullish note at mid-session, facing a US market that was catching its breath after jumping by more than 4% in one week. Traders remained cautious ahead of the ...
Source: TerreNet
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