Global wheat market weekly analysis on February 9, 2024

Published Feb 10, 2024

Tridge summary

The U.S. Corn Belt is expected to experience above-normal temperatures, which is beneficial for farmers. The USDA's February global wheat outlook predicts an increase in supply, consumption, and trade, but a decrease in ending stocks. Wheat futures are falling due to competition from Russian and Ukrainian exports, and the USDA has increased its estimate for US ending stocks for the 2023/24 season. Morocco is offering a subsidy for wheat storage due to a domestic shortfall, while Russia sees increased wheat stocks and falling prices due to sluggish exports and an impending grain export quota. Trade activity in the European part of the Black Sea region is almost non-existent due to low prices. Meanwhile, prices of barley, corn, and wheat in Western Europe are expected to decrease due to cheaper offers from exporters like Russia and Ukraine, end-of-season stockpile fears, and a recent USDA report.
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

The weather Above-normal temperatures are forecast to prevail in the U.S. Corn Belt, and farmers are welcoming those conditions after the cold and snowy weather seen in recent weeks. Rain and snow are forecast for next week in Canada, which will improve soil moisture levels. Milder temperatures persisted throughout the week across much of northern Europe, but are expected to fall below seasonal norms in France and Germany next week. Highlights from global markets USDA's February global wheat outlook is for increased supply, consumption and trade, but lower ending stocks. Production is estimated at 785.74 Mt, mainly due to higher production for Iraq and Argentina (15.5 Mt). World consumption increased by 1.1 Mt to 797.5 Mt, as did trade by 1.2 Mt to 210.69 Mt, with higher exports from Ukraine (15 Mt), Argentina (10.5 Mt), Australia (19.5 Mt) and Turkey. MATIF wheat futures fell to new contract lows as competition from Russian and Ukrainian exports weighed on Western ...
Source: Agroportal
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