Global wheat market weekly review - July 5, 2024

The weather In the US Midwest, drier weather is expected to make good progress for winter wheat harvest. In Canada, rainy weather will help crops develop, and next week will also see warmer temperatures. In Argentina, limited rainfall is forecast for most of the agrarian belt, while a cold air front may cause frost in several regions, although no crop damage is expected. High temperatures and further rainfall are expected for France and Germany, keeping concerns about crop quality alive. In the Black Sea, dry and warm weather is expected to help speed up the harvest, although it will be a big problem for springers. Highlights from the global market Although higher for the week, the Paris wheat market remains under pressure from continued weakness in Russian wheat export levels amid better news on the new crop, which is currently forecast in the 79.3-85 million tonne range. But it should not be forgotten that spring wheat represents more than 30%, and there is still a lot of ...