Wheat prices on Euronext witnessed a slight decline during Wednesday's mid-session, continuing the downward trend observed since the week's start. This decrease is primarily attributed to reduced tensions in the Black Sea region and the competitive market presence of Russian wheat. Additionally, the negative trend in the American market, driven by profit-taking and adjustments in anticipation of the upcoming USDA report on 2024 American acreages and quarterly stock estimates, further influenced the price movements. Specifically, the May 2024 Euronext wheat delivery saw a reduction of €0.50/t, settling at €200.50/t, while the September 2024 contract experienced a €1/t drop to €213.50/t. Corn prices for future deliveries also declined, reflecting the broader market adjustments.
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 maintained a slight downward trend this Wednesday at mid-session on Euronext, after a start to the week marked by notable losses. The burst of fears concerning tensions in the Black Sea have in fact quickly calmed down, in the face of Russian competition which remains as competitive and abundant in terms of volume. The market is also being carried into negative territory by an American market prey to profit-taking and position adjustment before the USDA report concerning American acreages 2024. The American Department of Agriculture must also publish its quarterly stock estimates on 1 March this Thursday. Shortly before 2:00 p.m., Euronext wheat ...
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