Rain in America Draws Line in Stable Wheat Mood | Pigbusiness.nl

Foto van De Vries & Westermann BV

On Euronext, grain prices steadied after losing nearly 15 euros a tonne in two trading sessions. The recent uptick in the market was mainly driven by concerns about US corn growth trends, but the arrival of rain in the US Midwest has had a major impact on stable sentiment. With yields coming in, the market is returning to seasonal pressure at this time.

There is uncertainty over the renewal of the Black Sea Corridor, but this material has taken a back seat to reports of rain in the US and good harvests in the EU.

In France, the barley crop is generally good and the same is true for the coming wheat crop. One argument for pressure on the physical market is that lower export demand results in lower premiums

The wheat harvest in Ukraine is closely monitored. Local sources report that the wheat harvest in Ukraine is significantly underestimated. So far, the agriculture ministry has estimated 17-18 million tonnes, but there are reports of around 23-24 million tonnes of wheat harvested due to good yields per hectare. Uncertainty about the registration of occupied territories leads both sides to add crops to their balance sheets.


Markets rallied yesterday after a sharp decline over the past three days. Markets are more cautious ahead of tonight’s USDA report on quarterly US inventories and acreage. Additionally, US markets will be closed next Tuesday, July 4 for Independence Day.


In Argentina, the Buenos Aires Stock Exchange cut its wheat acreage estimate to 6.0 million hectares from 6.1 million hectares.

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The IGC revised its estimate of world wheat production to 786 million tonnes from 783 million tonnes. On the other hand, he has reduced the forecast for world corn production from 1217 million tonnes to 1211 million tonnes.

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