Market update week 8
Prospects for a sharp reduction in French winter grain production in 2024-25 are becoming clearer. Following Agreste’s publication of area estimates down by 7.7% for wheat to 4.36mn ha and by 6.6% for winter barley to 1.3mn ha, FranceAgriMer has now confirmed that crop production will be at its lowest level since 2020, according to the Céréobs report published on Friday 16 February. In the report, 68% of wheat is judged to be in good to excellent condition, compared with 93% last year. The rating for barley was 71% good to excellent, compared with 92% last year.
Prospects for a sharp reduction in French winter grain production in 2024-25 are becoming clearer. Following Agreste’s publication of area estimates down by 7.7% for wheat to 4.36mn ha and by 6.6% for winter barley to 1.3mn ha, FranceAgriMer has now confirmed that crop production will be at its lowest level since 2020, according to the Céréobs report published on Friday 16 February. In the report, 68% of wheat is judged to be in good to excellent condition, compared with 93% last year. The rating for barley was 71% good to excellent, compared with 92% last year.
The volume of Ukrainian corn declared for export reached 990,000 mt last week, while the total corn volume exported since July 1 amounted to 14.59 million mt, about 15% lower year on year. In particular, 1.6 million mt of Ukrainian corn was exported in February, which is 15% less than the same period of the previous year. Spain maintained its leading position in February with 456,074 mt imported, followed by Egypt with 189,211 mt, China with 167,400 mt, Tunisia with 127,069 mt, the Netherlands with 99,351 mt, and Italy with 93,401 mt.
The volume of Ukrainian corn declared for export reached 990,000 mt last week, while the total corn volume exported since July 1 amounted to 14.59 million mt, about 15% lower year on year. In particular, 1.6 million mt of Ukrainian corn was exported in February, which is 15% less than the same period of the previous year. Spain maintained its leading position in February with 456,074 mt imported, followed by Egypt with 189,211 mt, China with 167,400 mt, Tunisia with 127,069 mt, the Netherlands with 99,351 mt, and Italy with 93,401 mt.
Yesterday, the market closed 2.3% up for wheat and 2.2% up for corn are the strongest seen for 7 months, during the tensions linked to the suspension of the Black Sea corridor. However, the psychological level of €200/t has not been regained for May 2024 wheat. And this despite the fact that market conditions remain difficult for Western European wheat, which is facing very stiff competition from Black Sea wheat on the international scene and from imports from Ukraine on the EU market. In this context, tensions are mounting at the Polish border, where Polish farmers are blocking lorries and trains carrying Ukrainian grain.
Yesterday, the market closed 2.3% up for wheat and 2.2% up for corn are the strongest seen for 7 months, during the tensions linked to the suspension of the Black Sea corridor. However, the psychological level of €200/t has not been regained for May 2024 wheat. And this despite the fact that market conditions remain difficult for Western European wheat, which is facing very stiff competition from Black Sea wheat on the international scene and from imports from Ukraine on the EU market. In this context, tensions are mounting at the Polish border, where Polish farmers are blocking lorries and trains carrying Ukrainian grain.