Wheat is still in correction, but rapeseed prices are rebounding in France and the US

Published 2024년 11월 26일

Tridge summary

Wheat prices have decreased in both Europe and overseas markets, with the decline attributed to the disappearance of risk premium in the Black Sea and a slight recovery in the euro. Despite these losses, the EU's crop monitoring service, MARS, reports mixed planting conditions across Europe due to weather conditions. Meanwhile, Russia and Ukraine have no restrictions on wheat loading, leading to expectations of increased exports from Russia.

In contrast, rapeseed and soybeans experienced price recoveries. The February rapeseed contract on Matif rose to EUR 514.25/t, and soybeans and soybean meal prices closed higher in Chicago. This increase is due to strong export demand and a weaker U.S. dollar, although gains were limited by favorable planting conditions in South America. Canadian canola prices were impacted by lower soybean oil prices in Chicago.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Yesterday’s trading of wheat in both Europe and overseas brought lower prices. However, rapeseed and soybeans saw some significant price recoveries yesterday. Wheat trading started the week with losses in Paris and Chicago. On Matif, the most traded March contract lost EUR 5.75 to EUR 225.25/t. At close of trading, the most traded March contract on CBoT fell 9 cents to 555.75 cents/bushel. On Monday, some of the risk premium for the situation in the Black Sea disappeared, while a slight recovery in the euro against the US dollar also contributed to losses in Paris. The EU’s crop monitoring service MARS said on Monday that warmer than average and dry weather in most of the European Union had helped farmers accelerate planting. However, conditions were unfavourable in much of southern Europe, including Spain and Romania. Additionally, there are currently no restrictions on wheat loading in Russia and Ukraine. Prices in Russia have remained unchanged over the past week, with higher ...

Source: Wrp