After the price reversal a few weeks ago, share prices are moving at a higher level in search of the upper and lower lines of a future price corridor. The upper range is currently of particular interest. The May term expires at 207 €/t wheat.
For the new front month Sep-24, prices are already at 233 €/t. The driving factors are the limited expectations for the new harvest and the armed conflicts. The rebuilding of livestock stocks that has begun leads us to expect an increase in feed consumption. The global supply situation could become tighter in 2024/25. However, crucial yield formation phases such as the grain filling period in June and later harvest conditions are still open.
ZMP Live Expert Opinion
The search for a fundamentally new price level continues for the time being. Possible upper and lower limits for future price trends have not yet been sufficiently defined.
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