More bad news for grain growers; the week starts with significant declines in global stock markets
Wheat
Italy
Published Mar 22, 2023
Tridge summary
The extension of the grain deal must have put downward pressure on grain prices, and so it did on Monday. Prices fell in both Parisian Matif and Chicago, and significantly.
Original content
The extension of the grain deal must have put downward pressure on grain prices, and so it did on Monday. Prices fell in both Parisian Matif and Chicago. And significantly. Wheat in contracts for May lost EUR 7.5/t in Paris, and its price stopped at EUR 258/t. This is the lowest price in 13 months. On Chicago's CBoT, May lost 9.75 cents to a price of 700.75 ct/bushel (€240/t). To make matters worse, prices across the ocean continue to fall since this morning. There are three main reasons for the declines: the extension of the grain deal on Saturday, the banking crisis, which raises concerns about the state of the economy, followed by the strengthening of the euro against the dollar and good prospects for the European harvest. - The first yield estimates for the harvest in 2023 were published in the Mars Report - a European forecasting service. According to this, wheat yields could average 5.99 t/ha in the EU, which is 3% more than in the previous year and the five-year average, ...
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