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Global Wheat Market Heats Up: Weather Woes Drive Prices Higher
The global wheat market is experiencing significant fluctuations due to a combination of adverse weather conditions and delayed harvests. In North America, extreme heat and drought are impacting major wheat-producing regions, while Western Europe faces similar challenges with harvest delays.
Heat and drought in Canada and harvest delays in Western Europe are leading traders to close short positions, resulting in rising prices in Paris and Chicago.
Euronext Wheat:
Heat and drought in Canada and harvest delays in Western Europe are leading traders to close short positions, resulting in rising prices in Paris and Chicago.
Euronext Wheat:
- Closed firmer on Monday for the first time in two weeks.
- Most traded December futures rose by EUR 0.75 to EUR 231.75/t.
- Spring wheat on the Minneapolis exchange benefited from hot and dry weather forecasts in the north of the USA and southern Canada.
- European forecasting service Mars updated EU crop development on Monday.
- Average yield for common wheat slightly raised to 5.87 t/ha from 5.86 t/ha in June.
- Significant increases in yield estimates for Austria (+8% to 5.98 t/ha) and Romania (+5%).
- Noticeable decline in Slovakia’s forecast (-14%).
- Germany’s forecast adjusted to 7.79 t/ha (-1%).
- Warmer and drier weather expected to improve harvest conditions in France in the coming days. Also Traders on Euronext are focused on France, where stock assessments worsened last week.
- In Germany further rain-related interruptions expected this week. Good harvest weather forecasted for the following week.
- Polish farmers reporting harvest delays due to rainfall.
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