How is wheat doing around the world?

Published 2024년 11월 6일

Tridge summary

The article provides an overview of the global winter wheat market, highlighting the impact of weather conditions on planting and harvesting. Drought conditions in the US, affecting 58% of wheat-growing areas, and heavy rains in Argentina are mentioned. The European Commission has revised down its wheat production forecast to 112.6 Mt from 114.6 Mt. Meanwhile, wheat prices in the southern hemisphere have seen a decrease due to improved crop conditions, whereas in the northern hemisphere, particularly in North America, prices have increased. The article also touches on wheat buying and export activities in various countries like Egypt, Algeria, and Russia, providing updates on the EU's export levels, US and Canadian export projections, and the current state of durum wheat exports.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In the US, the short-term outlook for winter wheat planting is poor. Most wheat-growing areas received scattered rains during the past week, but they were not enough to offset the drought. Drought covers 58% of the wheat-growing area, according to data from the US Department of Agriculture (USDA) as of October 22, 2024. On the other hand, very beneficial rains fell in Argentina, which have increased the condition rating of the cereal. As of October 30, Argentina had harvested 538,000 t of wheat on 482,000 ha, with an average yield of 1.12 t/ha, according to the Buenos Aires Grain Exchange. Wheat sales from the new crop amount to 3.4 Mt and almost double the volume of last year for this time of year. In Brazil, the harvest is progressing slowly due to rain. In Australia, the harvest is gaining speed. Rabobank estimates Australian crop at 27.6 Mt. In the EU, the 2024/25 wheat production forecast has been revised down to 112.6 Mt from the 114.6 Mt estimated the previous month by the ...

Source: Agrodigital