IGC raises global wheat forecast

After the strong gains on Wednesday, wheat contracts on Euronext/Matif fell again yesterday, Thursday. The December date closed at 238.25 euros/t, 2.25 euros/t lower. New figures from the International Grain Council (IGC) assume slightly higher wheat production in the 2023/24 season. The IGC is increasing its previous forecast by 2 million tonnes to 785 million tonnes and is justifying this with higher harvest expectations in Russia, Ukraine and the USA: Nevertheless, this year's wheat harvest is below last year's harvest, around 803, according to IGC information million tons were harvested. Competition due to the large harvest in Russia is particularly affecting European prices. A slightly stronger euro will further slow down price developments on the Paris stock exchange. On the CBoT, prices trended in exactly the opposite direction. Wheat contracts in Chicago rose. At 632,800 tons, US wheat sales were roughly at the previous week's level and are therefore well above the 4-week average. In addition, positive price developments for corn supported wheat prices on the CBoT. Before the trading session, the CBoT is once again in the green zone today.Although trading on the local cash markets remains manageable, prices here have increased recently. Bread wheat at the wholesale level fob Lower Rhine was recently quoted at 246 euros/t, which is 8 euros/t more than a week ago. On the Upper Rhine and in Hamburg, too, an average of 8 euros per ton went northwards. Feed wheat also became more expensive and was recently quoted at 238 euros/t fob Südoldenburg.

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