European wheat rebounds by €2/t

Published Apr 13, 2024

Tridge summary

On Friday, wheat prices saw a modest uptick, influenced by the falling Eurodollar, which made EU wheat more competitive globally. This comes amid reports from FranceAgriMer about a decline in the condition of soft wheat and notable delays in corn sowing. Furthermore, the forecast for Argentina's corn harvest has been lowered. Reflecting these agricultural challenges and market adjustments, Euronext futures for wheat and corn in 2024 experienced price increases, indicating a shift in market dynamics influenced by both European and South American agricultural developments.
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

Wheat prices regained a little firmness this Friday at mid-session, after their withdrawal the day before. The European market is indeed receiving support from a new rapid contraction in the Eurodollar parity, to its lowest level since last November. This rapid deterioration of the single currency mechanically strengthens the competitiveness of the EU origin on the international scene. FranceAgriMer has also further reduced its “good to very good” soft wheat ratings by one point in its latest weekly bulletin, to 64%, compared to 94% last year at the same period. Corn sowing also begins with a significant delay, with 3% of projects completed, compared to 11% on average five years. Also of note, the Buenos Aires Stock Exchange reduced its estimate for Argentina's corn harvest by 2.5 Mt, to 49.5 Mt. ...
Source: TerreNet
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