Wheat climbs €3/t on European stock exchange in response to low temperatures

Published Apr 23, 2024

Tridge summary

Wheat and corn prices have experienced a notable increase at the beginning of the week on Euronext, primarily due to adverse weather conditions. Wheat prices surged as a result of a severe cold snap in Europe, particularly impacting France's winter crops, and concerns over insufficient rainfall in Russia's key winter wheat regions. Meanwhile, corn prices were pushed higher by disease-related damages in Argentina. Additionally, in the United States, the ethanol sector received a boost from the EPA's unusual decision to allow E15 fuel sales during the summer, exceeding the typical E10 limit. This has led to a rise in Euronext wheat prices for May 2024 to €211/t and September 2024 to €219.25/t, with June 2024 corn delivery increasing to €204.25/t.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Wheat prices started the week with a clear increase this Monday at mid-session on Euronext. Europe and part of France are currently experiencing a particularly critical cold snap given the early development of winter crops. Russia is also causing market concern due to a lack of precipitation still observed in the main winter wheat production areas. Corn prices continue to strengthen, while the damage caused by diseases in Argentinian fields increases. In the United States, the EPA's decision to exceptionally authorize the sale of E15 fuel during the summer also gave support to the ethanol sector. The country usually limits the sale of ethanol to E10 production during the summer period. Shortly before 2:00 p.m., Euronext ...
Source: TerreNet
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