Market update week 14
As for weather patterns, conditions are mixed. Widespread rainfall is benefiting the Black Sea region. In Europe, a divide persists, with drier conditions in the north and wetter conditions in the south. The U.S. wheat crop is also seeing contrasting scenarios—hard red winter wheat (HRW) areas are experiencing minimal rainfall, whereas soft red winter wheat (SRW) fields face flooding risks due to heavy precipitation this week.
As for weather patterns, conditions are mixed. Widespread rainfall is benefiting the Black Sea region. In Europe, a divide persists, with drier conditions in the north and wetter conditions in the south. The U.S. wheat crop is also seeing contrasting scenarios—hard red winter wheat (HRW) areas are experiencing minimal rainfall, whereas soft red winter wheat (SRW) fields face flooding risks due to heavy precipitation this week.
Corn planting projections reflect an annual rise of 5.22%, reaching 95.326 million acres. While this exceeds market consensus, it falls short of the upper forecast range, which had surpassed 96 million acres—an expectation reinforced by last week’s price declines. Meanwhile, total U.S. wheat acreage has dropped 1.6% year over year, landing at 45.35 million acres—below consensus estimates and within the lower end of anticipated figures.
Corn planting projections reflect an annual rise of 5.22%, reaching 95.326 million acres. While this exceeds market consensus, it falls short of the upper forecast range, which had surpassed 96 million acres—an expectation reinforced by last week’s price declines. Meanwhile, total U.S. wheat acreage has dropped 1.6% year over year, landing at 45.35 million acres—below consensus estimates and within the lower end of anticipated figures.
In France, the latest crop condition report released by FranceAgriMer indicates overall stability:
• Soft wheat: Rated 74% good to excellent, holding steady from the previous week, and up from 66% at the same time last year.
• Winter barley: Remains at 70% good to excellent, unchanged from last week, compared to 67% a year ago.
• Durum wheat: Now at 79% good to excellent, a slight 1-point decline from the previous week but still higher than last year’s 73%.
• Spring barley: Holding firm at 85% good to excellent, significantly better than last year’s 62%.
In France, the latest crop condition report released by FranceAgriMer indicates overall stability:
• Soft wheat: Rated 74% good to excellent, holding steady from the previous week, and up from 66% at the same time last year.
• Winter barley: Remains at 70% good to excellent, unchanged from last week, compared to 67% a year ago.
• Durum wheat: Now at 79% good to excellent, a slight 1-point decline from the previous week but still higher than last year’s 73%.
• Spring barley: Holding firm at 85% good to excellent, significantly better than last year’s 62%.