Euronext wheat settles above €230/t

Wheat prices were firming up again this Friday at mid-session on Euronext, in a market that was still capped by the pressure of harvests in the Southern Hemisphere. The good progress of the harvests in Argentina and the still encouraging returns of yields are fueling the renewed competitiveness of this origin on the international scene for several weeks. The restricted export quota in Russia that will be applied from next February in a context of already reduced stocks among major exporters is however driving the upward trend. Corn, on the other hand, is once again moving on a stable to downward trend, in the face of a depressed American market. The weekly sales recorded by the USDA last week were in fact particularly disappointing and below expectations, at only 947 kt, compared to 1.7 Mt in the previous week. In France, the trend is also still struggling to recover, in the face of pressure from ...