Wheat quotations on world exchanges fell by 2.3-4.2%

Market & Price Trends
Published Mar 5, 2024

Tridge summary

Wheat prices experienced a significant drop of 2.3-4.2% on Friday, with European wheat seeing the most notable decrease as March futures on Euronext fell to their lowest since August 2020. This decline occurred despite a downgraded EU crop forecast and worsening crop conditions in France. Concurrently, wheat exports from the USA and Russia have risen, and Ukraine is also increasing its exports due to the current low 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.

Original content

Against the background of the transition from March to May contracts, traders actively closed short and opened long positions in wheat, which led to a decrease in prices on Friday by 2.3-4.2%, and in general for the week - by 0.3-7. 2%, with European wheat falling in price the most. March wheat futures on Euronext fell by €6.25/t on Friday to the lowest level since August 2020 at €184.5/t. May futures also fell: Even a downgrading of the EU crop forecast and a worsening crop condition in France did not keep European wheat prices from falling. The European Commission lowered the forecast for the production of soft wheat in the EU in 2023/24 MR by 284 thousand tons to 125.621 million tons, which will correspond to last year and the average 5-year indicators. The forecast of ending stocks was increased by 209,000 tons to 19.3 million tons compared to January estimates. According to FranceAgriMer, in France during the week of February 19-25, the number of soft wheat crops in good or ...
Source: Graintrade
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