News

Wheat quotations rose by 1.6-3.7% against the background of excessive precipitation and frost in Europe

Wheat
Ukraine
Published Apr 24, 2024

Tridge summary

Wheat prices have increased due to cold and rainy weather in Europe potentially damaging spring crops and delaying planting. Large funds have increased wheat long positions in Chicago and Kansas City. The US winter wheat acreage in fair or excellent condition has decreased by 5-50%. Russia intends to increase its grain export quota by 5 million tons to 29 million tons by June 30. Ukraine has also increased its wheat exports. The Russian Federation's transitional stocks are putting pressure on the prices of the new harvest.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

World wheat quotes rose 1.6-3.7% yesterday amid a wave of cold and rain in Europe, especially in northern regions, which could delay planting and damage spring crops. Large funds increased wheat long positions in Chicago by 9,835 to 96,403 contracts and Kansas City by 4,620 to 49,231 contracts for the week, a near-record high. Markets have not yet reacted to Russia's intentions to increase the grain export quota by June 30 by another 5 million tons to 29 million tons. According to NASS USDA, the U.S. winter wheat acreage in fair or excellent condition fell 5% to 50% for the week, well above last year's 26%. 15% of the planned areas are sown with spring wheat in the USA (10% on average over 5 years). Yesterday, July new crop wheat futures reversed last week's decline and rose: The world market is saturated with cheap Russian wheat, which is offered at $210/t FOB, while prices for European wheat are $217-220/t FOB, and for American wheat - $220/t FOB. In 2023/24, the United States ...
Source: Graintrade
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