European wheat climbs above €205/t

Published Apr 18, 2024

Tridge summary

Wheat prices on the Euronext market experienced a modest uptick on Wednesday, driven by concerns over production in the Northern Hemisphere due to adverse weather conditions impacting crops in France, Germany, Russia, and the Midwest. This recovery was somewhat restrained by the competitive market and the availability of Black Sea wheat. In response to these market dynamics, FranceAgriMer adjusted its export forecasts, reducing French soft wheat exports to third countries by 150 kt to 10 Mt for the current campaign, while barley exports were increased by 200 kt to 3.6 Mt. Meanwhile, Euronext wheat prices for future contracts in May and September 2024 saw slight increases, and corn prices for June 2024 delivery dipped slightly, with a minor uptick for August 2024.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Wheat prices regained some firmness this Wednesday mid-session on Euronext, in particular in reaction to degraded production prospects in the Northern Hemisphere. Climatic conditions that are still not very favorable for crop development in France and Germany are indeed worrying, while winter wheat in part of Russia and the Midwest is still suffering from a water deficit. The recovery movement, however, still remains limited by competitiveness and the presence of Black Sea origins on the international scene. In its latest monthly report, FranceAgriMer has also lowered the French export potential of soft wheat to third countries for the current campaign by 150 kt, to 10 Mt (10.15 Mt last year). Barley exports to third countries were, however, increased by 200 kt, to 3.6 Mt (3.1 Mt in the 22/23 campaign). ...
Source: TerreNet
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