World: Weekly analysis of the wheat market on March 22

Published Mar 23, 2024

Tridge summary

An upcoming atmospheric front will bring precipitation across Europe, benefiting wheat crops, except in France where heavy rain is expected. Ukraine and southern Russia will also receive beneficial moisture. Coceral has reduced its EU and UK wheat production forecast for 2024 by 5.4Mt to 134.1Mt due to heavy rain damage, but increased its barley production forecast. Meanwhile, wheat prices have risen by 12.5% to $201-204/t FOB due to increased demand, following a decline in Russian wheat prices. Ukrainian wheat imports into the EU are expected to remain steady this year, while Ukrainian feed wheat is being offered by sellers at POC ports.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Weather A new atmospheric front with precipitation will sweep across Europe next week starting this weekend. This will be favorable for wheat in most areas, but not in France, where another round of "too much rain" is expected. Ukraine and southern Russia will also receive much-needed moisture for crops, and storms in Australia will continue into next week, particularly in the Queensland region. The weakening of El Niño and the return of La Niña should favor Aussie autumns later in the year. A cold air front carrying snow is expected across the US Northern Plains next week, with rain also forecast for eastern wheat areas. Global market highlights MATIF wheat hit a one-month high (February 23) on downgrades for EU production as well as concerns over potential disruptions to Black Sea trade given recent hostilities. Despite competing Black Sea origins, European wheat is receiving good news from China, where wheat imports are expected to remain at record highs this year, rendering ...
Source: Agroportal
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