Market Report: Wheat Prices Start the Week Lower
Market Report: Wheat Prices Start the Week Lower
Wheat futures began the week with losses on the Euronext in Paris and the CBoT in Chicago. Profit-taking and optimistic crop forecasts weighed on the markets.
Wheat futures began the week with losses on the Euronext in Paris and the CBoT in Chicago. Profit-taking and optimistic crop forecasts weighed on the markets.
Price Performance
- Euronext March 2025:
- Closing price: 225.25 EUR/t, a decline of 5.75 EUR (-2.5%).
- CBoT March 2025:
- Closing price: 555.75 ct/bu, a drop of 9 ct (-1.6%).
Market Drivers
- Profit-Taking:
- Following last week's gains, profit-taking on Monday led to price declines.
- Currency Movements:
- A slight euro recovery against the US dollar added further pressure to Paris prices.
- Crop Conditions:
- EU: According to the EU crop monitoring service MARS, warm and dry weather accelerated sowing across most EU countries, though conditions were unfavourable in southern regions such as Spain and Romania.
- Russia: Winter wheat acreage fell to 17.5 million hectares, down from 18.5 million hectares last year, which could affect future production prospects.
- Export Activity:
- Russia: SovEcon raised its November wheat export forecast to 4.2 million tons but slightly lowered its full-year estimate for 2024/25 to 44.1 million tons.
- US: USDA export inspections increased to 360,513 tons, up 83% week-on-week and 25% compared to last year.
US Crop and Stock Conditions
- Winter Wheat Sowing: 97% of planned winter wheat acreage was sown as of November 24.
- Crop Conditions: 55% of winter wheat stocks were rated good to excellent, a 6% improvement over the previous week and the fourth consecutive week of better ratings.