Global: Wheat recovers above €250/t in the Euronext

Published May 18, 2024

Tridge summary

Wheat prices on Euronext attempted to rebound mid-session on Friday, but failed to maintain the upward movement in the previous sessions due to market fears related to weather conditions in Russia and France. The market is concerned about the decreasing rainfall forecast in Russia's south and critical climatic conditions in France, as indicated by FranceAgriMer's weekly bulletin. Despite these concerns, grain corn sowings have accelerated in France. Euronext wheat and corn prices for September and December 2024 respectively saw increases, reaching €253.25/t and €257.75/t for wheat, and €215.50/t and €221/t for corn.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Wheat prices attempted to rebound again this Friday mid-session on Euronext, after failing to maintain their upward movement at the close during the two previous sessions. However, the weather maps in Russia are rekindling market fears, with less and less generous rainfall forecast in the south of the country over the next seven days. Also in France, climatic conditions remain critical due to heavy excess rain still recorded in the country. FranceAgriMer also maintains its “good to very good” soft wheat ratings at 64% in its weekly bulletin, compared to 93% last year at the same period. Grain corn sowings marked a clear acceleration last week (72% of projects completed), but remain behind the five-year average (91%). Around 1:00 p.m., ...
Source: TerreNet
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