Global: Paris wheat falls along with Chicago wheat after rally

Published Sep 17, 2024

Tridge summary

European wheat futures experienced a decline on Monday, following in the footsteps of Chicago's market, due to a technical drop after last week's rise fueled by worries over Black Sea supplies. The lack of new information to challenge resistance levels led to the market's quietdown. Despite geopolitical tensions and adverse weather conditions, the absence of further escalation and confirmation of Black Sea grain exports eased market concerns. Additionally, the article reports expectations for strong Russian wheat export volumes in September, Ukrainian grain export data, predictions for a rise in Canadian wheat production, and potential relief from drought for U.S. winter wheat crops, all contributing to the complex global wheat market dynamics.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

European wheat futures fell on Monday, following Chicago's on a technical decline after last week's gains on concerns about Black Sea supplies. Wheat futures for December delivery on the Paris-based Euronext exchange fell 2% to 220.50 euros ($245.33) a tonne, off Friday's one-month high of 228.00 euros. Chicago wheat fell about 3%, off Friday's near three-month high. Both markets lacked fresh news to test resistance levels after Friday's highs, traders said. "Nothing much is happening other than technical fatigue among rally participants," one futures trader said. Wheat markets rallied last week amid rising international tensions coupled with adverse weather conditions that heightened concerns about Black Sea supplies. However, the lack of further escalation, as well as confirmation of robust Black Sea grain exports on Monday, tempered concerns. Ukraine’s grain exports for the July-June 2024/25 season reached 8.7 million tonnes, down from 5.9 million tonnes a year earlier, ...
Source: Oilworld
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