Global wheat market recovers marking a strong start to 2024

Wheat futures aimed in Chicago at their strongest performance of 2024, encouraging headway in European prices too, in a rebound spurred by fund profit-taking on their substantial short positions in grains. Chicago wheat futures for May-24 rallied 3.1% in Chicago which helped London feed wheat for May-24 recover into positive territory after an early foray below £160 /t. Paris milling wheat for May-24 at one point came back within €1 /t of the much-watched €200 /t mark. Aside from bargain buying interest, the catalyst for the rebound was unclear, after prices earlier headed lower again, continuing to feel pressure from strong competition among exporters for orders, at a time of ample Russian offers. However, some international business was recorded on the day, with Jordan buying a reported 50Kt of wheat, and Japan issuing a tender too. The EU Commission also reported EU export data which suggested a stronger start to 2024 than previously reported. The commission, which has ...