Global wheat prices continue to fall amid improved US crop conditions
Market & Price Trends
Published Nov 29, 2023
Last week, wheat prices fell globally due to improved crop conditions and snow in major US winter wheat regions. The US has seen a significant increase in winter wheat sprouting and an increase in crops in good or excellent condition, which suggests a potentially higher harvest in 2024. In Europe, delayed planting in France and the postponement of loading French wheat purchased by China until 2024 has increased the pressure on European wheat prices.
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.
Yesterday, December wheat futures fell: According to yesterday's USDA report, 91% of the sown areas have sprouted winter wheat in the USA (89% on average over 5 years). During the week, the number of crops in good or excellent condition increased by 2% to 50% (34% last year), which allows us to hope for an increase in the harvest in 2024. Exports of wheat from the United States for the period of November 17-23 decreased by 24% compared to the previous week to 276.6 thousand tons, and the total for the season reached 8.124 million tons, which is 23.2% lower than last year's pace. European wheat quotes have yet to react to the news of delayed planting in France, where 74% of planned acreage was planted to soft wheat on November 20, compared to 98% at this time last year, according to FranceAgriMer. Rain has almost halted planting in France, with the number of crops in good or excellent condition for the week down 3% to 83% from 91% last year. Information about the postponement of ...