Wheat climbs timidly towards €205/t

Market & Price Trends
Published Apr 17, 2024

Tridge summary

Wheat prices on Euronext have seen a minor uptick, particularly for the old harvest contract, amid a new tender from Gasc for May-loading milling wheat, with outcomes pending to evaluate European wheat's price competitiveness against Black Sea wheat. Attention is also turning to the upcoming harvest, marked by the lowest soft wheat area in four years as reported by Agreste, and a slight downgrade in USDA's winter wheat ratings. In contrast, corn sowing is slightly ahead of the five-year average, showing good progress. Future delivery prices for Euronext wheat and corn have also been updated, showing slight increases for wheat in May and September 2024, while corn prices for mid-2024 deliveries remain stable.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Wheat prices were again moving without a clear trend this Tuesday at mid-session on Euronext, although with a small increase in the old harvest contract. The session is in fact animated by the new call for tenders from Gasc, for milling wheat for May loading, the results of which will be particularly scrutinized at the end of the day to judge the competitiveness of European origins compared to Black Sea wheat. The next harvest also remains the center of attention, with areas of soft wheat estimated by Agreste at 4.39 Mha this year, the lowest in four years and down 370 kha compared to last year. The USDA also lowered its winter wheat ratings from “good to excellent” by one point in its latest weekly Crop Progress, to 55% (27% last year). However, corn sowing is off to a good start, with 6% of projects completed as of April 14, compared to ...
Source: TerreNet
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