European Wheat Market: European wheat fell significantly last week

Market & Price Trends
Published Mar 5, 2024

Tridge summary

French wheat spot prices have dropped significantly due to falling EU wheat futures and strong competition from Black Sea wheat, particularly Russia. The European Commission has increased its forecast for EU wheat imports and ending stocks for 2023/24. Meanwhile, the French Agricultural Bureau has reduced its forecast for French soft wheat exports to other EU states due to increased competition from Ukraine, but expects an increase in exports to third countries like Morocco and China. The U.S. Department of Agriculture has also lowered its forecast for EU wheat production. The euro has risen against the U.S. dollar for the second consecutive week.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Foreign media news on March 3: French wheat spot prices fell significantly in the ninth week of 2024, as EU wheat futures fell to a three-and-a-half-year low, and Black Sea wheat posed strong export competition pressure. ​ As of Thursday (February 29), the delivery price of first-class French wheat at the French port of Rouen was US$213/ton, down US$13 from a week ago. The price range over the past 52 weeks was US$213 to US$301 per ton. . ​ The price of second-grade wheat in Argentina is US$220/ton, down US$6 from a week ago; the price of US No. 2 hard red winter wheat is US$282/ton, up US$10 from a week ago; the price of US No. 2 soft red winter wheat is US$251/ton. , down 2 yuan from a week ago. ​ On Friday, the most actively traded May wheat futures on Euronext closed at 191.5 euros/ton, down 8 euros or 4.0% from a week ago. It once fell to 190.75 euros during the session, which was the lowest since September 2020; Chicago wheat fell 2.0% during the same period. ​ ...
Source: Foodmate
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