European wheat prices on the Paris Stock Exchange rose 6,3% last week as a shrinking EU harvest is forecast for 2024 and the European Commission proposes to impose a €95/tonne tariff on grain imports from Russia.
On Friday, May wheat futures on Euronext rose 3,8% to 207,25 EUR/ton or 224 USD/ton (+6,3% for the week, +8,4% for March), while the September new crop wheat futures rose 3,3% to EUR 218,28/ton or USD 236/ton (+6,3% for the week, +9% for March).
According to FranceAgriMer monitoring data, 66% of soft wheat sowings in France are in good or excellent condition (94% last year), the worst in this period since 2020. For durum wheat, 93% of the planned acreage is occupied (100% last year ), and 72% of the cultivated area is in good or excellent condition (92% last year).
According to the Russian Grain Union, Russia exported 1,27 million tons of grain in the first ten days of March and 2,88 million tons in the second ten days of March, of which 1,07 and 2,39 million tons were wheat, respectively. In total, 4,143 million tons of major cereals were exported in March (which is the same as last year), of which 3,454 million tons were wheat, which is 1,7% more than the corresponding figure for March 2023.
Russian wheat prices fell 6% to $210/ton FOB Novorossiysk in March. At the same time, RF continues to actively supply grain to the world market and hopes that the wheat harvest will increase from 92 to 94 million tons compared to last year.
Source: Ukragroconsult (Ukraine)