Market update week 30
FranceAgriMer’s Cereobs programme saw wheat considered ‘good to excellent’ drop 5 percentage points all week to 52%, the lowest level since the disappointing 2016 harvest. According to FranceAgriMer, only 14% of wheat had been harvested by 15 July, compared with an average of 43%. Durum wheat received 60% ‘good to excellent’, down 2 points from the previous week. Spring barley remained the same with 69% ‘good to excellent’. Finally, maize dropped 2 points this week to 81% ‘good to excellent’, down from last year’s 82% ‘good to excellent’.
FranceAgriMer’s Cereobs programme saw wheat considered ‘good to excellent’ drop 5 percentage points all week to 52%, the lowest level since the disappointing 2016 harvest. According to FranceAgriMer, only 14% of wheat had been harvested by 15 July, compared with an average of 43%. Durum wheat received 60% ‘good to excellent’, down 2 points from the previous week. Spring barley remained the same with 69% ‘good to excellent’. Finally, maize dropped 2 points this week to 81% ‘good to excellent’, down from last year’s 82% ‘good to excellent’.
Rainfall in France has put the harvesting on pause. This pause could be extended as rain is expected for Friday and Saturday. While we wait for more harvest statistics, the wheat market remains stable. Only maize is rising on Euronext’s new crop prices, boosted by production cuts in the Balkans and Black Sea region due to drought and hot conditions.
Rainfall in France has put the harvesting on pause. This pause could be extended as rain is expected for Friday and Saturday. While we wait for more harvest statistics, the wheat market remains stable. Only maize is rising on Euronext’s new crop prices, boosted by production cuts in the Balkans and Black Sea region due to drought and hot conditions.
Signs of economic weakening in China are raising concerns about a drop in crude oil demand. These fears, combined with ceasefire talks in the Middle East, are fuelling a drop in crude oil prices, which are currently quoting $77 a barrel in New York, down 8% over the past week. These concerns about China are affecting the entire commodity sector. Equity markets are no better off, with technology companies leading the way.
Signs of economic weakening in China are raising concerns about a drop in crude oil demand. These fears, combined with ceasefire talks in the Middle East, are fuelling a drop in crude oil prices, which are currently quoting $77 a barrel in New York, down 8% over the past week. These concerns about China are affecting the entire commodity sector. Equity markets are no better off, with technology companies leading the way.