Global: Weekly overview of the wheat market - November 29

Published 2024년 11월 29일

Tridge summary

Heavy rainfall in Australia is expected to impact the harvest in key wheat-growing areas over the next two weeks, while dry conditions are forecast in the US and Western Europe. The global wheat market is experiencing a downturn, with improved winter crops in US, Russia, and Ukraine, and increased European currency affecting euro-denominated supplies. The European Commission has reduced its forecast for the wheat harvest to a 12-year low. Meanwhile, key importers are negotiating purchases, with Jordan, Algeria, Tunisia, and South Korea making recent purchases. Russia is considering a potential export quota of approximately 10 million tons of grain early next year, while the Russian Institute for Agricultural Market Research predicts a decrease in the wheat area in Russia.

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

Original content

Weather Australia's weather over the next two weeks will not be particularly favorable for the advancing harvest in the country's key wheat growing areas as heavy rainfall is forecast. Weather will remain mostly dry in the US and Western Europe next week. Russia's breadbasket is also expected to be dry over the next two weeks, with rainfall reaching only 20-40% of normal levels. World market highlights The bulls in the wheat market are not enjoying a successful week. The most traded March MATIF futures posted losses and hit a two-week low, closing at €222/t in yesterday's session. The main pressure comes from improved winter crops in the US, Russia and Ukraine, as well as a rise in the European currency, making euro-denominated supplies more expensive on global markets. In addition, European wheat still faces strong competition from the Black Sea origin, which dominated the auction series of key importers during the week. In the US, the USDA reports that 89% of winter wheat has ...

Source: Agroportal