Tridge summary
Recent weather conditions have favorably influenced wheat production across several key regions, including the US, France, Germany, Ukraine, and China, leading to varied forecasts for the Northern Hemisphere's 2024 outlook. While the EU's seed agency MARS has raised its yield estimates, the US sees a decrease in acreage but an increase in stocks, and the European Commission anticipates a smaller EU wheat crop for 2024/25, with durum wheat production expected to reach a record low since 1993. In contrast, Russia's forecast shows a slight production increase despite worsening conditions. Wheat prices have risen, with specific quotes for different protein levels and destinations, amid weak bread wheat demand and concerns over Ukraine's export infrastructure following Russian attacks. These dynamics reflect a complex global wheat market influenced by production forecasts, geopolitical tensions, and evolving demand.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Weather Recent rains have helped US winter wheat. Sporadic rain that prevailed in France and Germany during the week is now expected to bring more precipitation, with some parts set to reach 20C for the first time this year. Good rains were also enjoyed by farmers throughout Ukraine, and the expected rains in China will have a favorable effect on wheat in the Northern, Western and Southern regions of the country. Highlights from global markets Wheat markets currently see a mixed outlook for production in the major Northern Hemisphere producers in 2024. According to the EU's seed agency MARS, a large percentage of European wheat is in mediocre condition, but it still raised the average yield estimate by 2% compared to the previous estimate, up to 591kg/ha. In their forecast for average yields in Bulgaria, MARS estimates wheat at 561 kg/ha, which is 18 kg/ha more than the previous season and 47 kg/ha more than the 5-year average. Earlier this week, MATIF quotes hit a high not seen ...
Source: Agroportal
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