2023-05-03 11:32:57
Wheat prices are sinking in the face of Russian competition and favorable weather conditions.
Cereal prices fell again significantly this Wednesday at mid-session on Euronext under the influence of many factors. Gasc’s latest call for tenders notably weighed on wheat prices due to Russian offers at very competitive prices, both for the old and the next harvest. The tender was finally concluded with the purchase of 655 kt milling wheatincluding 535 kt of Russian wheat and 120 kt of Romanian origin.
The market is also anticipating a particularly generous 2023 harvest in the northern hemisphere given the favorable climatic conditions in Russia as well as in Western Europe and favorable rains recorded last week in the Midwest. The entire commodity sector is also currently being battered by the resurgence of macroeconomic fears and recession world.
Around 1:00 p.m., the wheat Euronext maturing in September 2023 sank by €3.25/t, to €226.75/t, while the December 2023 contract fell by €3.25/t, to €231.25/t. THE but Euronext for June 2023 delivery fell by €3/t, to €224.75/t, the August 2023 term contracted by €3.25/t, to €225.50/t.
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