World: Wheat market weekly analysis as of November 17, 2023

Updated Nov 18, 2023
Weather In Europe, the weather continues to be wet and delays sowing in many areas. It's really hard to tell how this delay and too wet weather will affect the balances next season and for now MATIF doesn't seem to be responding, at least until it's determined whether and how much wheat acreage has fallen. On the other hand, in the eastern parts of Bulgaria and Romania, which have been extremely dry in recent months, heavy rains are forecast to the delight of farmers. The US will also be wet, while in Argentina rains were late for wheat. Harvesting has begun in Australia, where a smaller crop is expected this year due to the drying effect of El Niño. Highlights of the week The week for wheat got off to a good start on Monday as the Paris and Chicago bourses posted gains after Friday's declines in response to the monthly USDA report. From there, however, things were pretty grim for the bulls. An element of support for wheat prices was provided by the latest USDA crop rating, which ...
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