Wheat jumps and tries to get back to €230/t

Published Aug 8, 2024

Tridge summary

Wheat prices on Euronext have surged due to estimates of a catastrophic French harvest, projected to be the worst in over forty years, with a yield of 25.2 Mt, a significant decrease of nearly 10 Mt from the previous year. The market is further bolstered by an atypical call for tenders from Gasc for a high maximum volume of 3.8 Mt and tenders from Algeria for milling wheat. The price increases are also influenced by the atypical climatic conditions in Eastern Europe, leading to a rise in corn prices. However, the market's gains are limited by the downward trend in the American market.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Wheat prices vigorously continued their recovery movement started the day before this Wednesday at mid-session on Euronext. The prices of straw cereals in fact quickly started to rise again after Argus Media (Agritel) announced that it estimated the French harvest at a catastrophic level of 25.2 Mt, a drop of almost 10 Mt compared to last year and the worst harvest recorded in over forty years! The market is also boosted by an atypical call for tenders from Gasc, for an extremely high maximum volume of 3.8 Mt and deliveries which could go from October to next April. The OAIC (Algeria) also launched a tender for milling wheat. Corn prices are rising in sympathy with wheat, and in the face of still critical climatic conditions in Eastern Europe. The American downward trend, however, still limits gains on the ...
Source: TerreNet
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.