Market update week 8
Wheat prices in Chicago continued their upward trend after the market reopened following the Presidents’ Day holiday on Monday. The front-month contract surpassed $6 per bushel, reaching its highest level in four months. The anticipated cold conditions across both the U.S. Plains and Russia have sparked concerns about the health of winter wheat crops.
Wheat prices in Chicago continued their upward trend after the market reopened following the Presidents’ Day holiday on Monday. The front-month contract surpassed $6 per bushel, reaching its highest level in four months. The anticipated cold conditions across both the U.S. Plains and Russia have sparked concerns about the health of winter wheat crops.
As of February 16, wheat exports from the European Union for the current season amounted to 13.3 million metric tons, reflecting a 36% decline compared to the previous year, based on European Commission data. However, analysts note that export figures from France, Italy and a few Eastern-European countries for 2024 are still incomplete.
As of February 16, wheat exports from the European Union for the current season amounted to 13.3 million metric tons, reflecting a 36% decline compared to the previous year, based on European Commission data. However, analysts note that export figures from France, Italy and a few Eastern-European countries for 2024 are still incomplete.
Two waves of cold weather are forecasted this week across the U.S. Great Plains, as well as throughout the Black Sea region and much of Eastern Europe. These climate-related concerns are prompting funds to repurchase their short positions. Adding to worries about the upcoming harvest is the first 2025 release of FranceAgriMer’s CEREOBS report. As of February 10, the key highlights include:
• Soft wheat: 73% is rated as « good to excellent, » a decline from 86% at the end of November, but an improvement from 68% at the same time last year.
• Winter barley: 68% is classified as « good to excellent, » compared to 83% in late November and 71% in the previous year’s report for the same period.
Two waves of cold weather are forecasted this week across the U.S. Great Plains, as well as throughout the Black Sea region and much of Eastern Europe. These climate-related concerns are prompting funds to repurchase their short positions. Adding to worries about the upcoming harvest is the first 2025 release of FranceAgriMer’s CEREOBS report. As of February 10, the key highlights include:
• Soft wheat: 73% is rated as « good to excellent, » a decline from 86% at the end of November, but an improvement from 68% at the same time last year.
• Winter barley: 68% is classified as « good to excellent, » compared to 83% in late November and 71% in the previous year’s report for the same period.