The large supply of wheat in the United States and weak demand due to the corona pandemic are pushing prices to their lowest level since mid-March.
The USDA said last week that US wheat exports in 2020/21 will be smaller than this year. In contrast, Australia, Russia, Canada and Argentina are expected to export more wheat.
There was also much-anticipated rain in Europe. This season Europe follows Russia as the second most important wheat exporter in the world. In France, only 55% of the field stocks were classified in the top category "good-to-excellent" in the week up to May 11th. The previous week it was 57%.
The USDA said last week that US wheat exports in 2020/21 will be smaller than this year. In contrast, Australia, Russia, Canada and Argentina are expected to export more wheat.
There was also much-anticipated rain in Europe. This season Europe follows Russia as the second most important wheat exporter in the world. In France, only 55% of the field stocks were classified in the top category "good-to-excellent" in the week up to May 11th. The previous week it was 57%.
Source
Hansa Terminhandel GmbH
