Euronext – cereal quotations on 12.02.2024

• Internationally, Black Sea wheat continues to dominate, with a major influence on quotes over the past week.

On Friday, the price of wheat traded on both sides of the Atlantic. In both Paris and Chicago, prices approached former support levels that have now become resistance at €210/t and $6/bushel respectively.

The competitive pressure exerted by Ukrainian wheat and corn is also felt on the European import markets. Corn and canola also recovered at the close on Friday on Euronext, slightly correcting the excesses of the previous days.

Wheat recovered slightly in Chicago on Friday. This rebound comes after the previous day's disappointment following the report USDA, which slightly increased US wheat stocks for 2023/2024 due to reduced US domestic consumption. However, like Western European wheat, US wheat continues to be dominated by Russian wheat, which is in record supply.

Corn continued to fall in Chicago, falling below $4,3/bushel due in March 2024 after the USDA raised US stocks again for 2023/2024. Traders are now turning their attention to Outlook forum which will take place on Thursday and Friday in Washington.

Soybeans, whose US stockpiles rose the most in last Thursday's USDA report, continued to fall, falling below $12/bushel. The divergence of opinion between Conab, which estimates Brazilian soybean production at 149,4 Mt, and the USDA, which puts it at 156 Mt, are driving the rare chatter in this market.

Quotations Euronext 12.02.2024 (GMT+1)

Wheat (€/t)

Maize (€/t)

Rapeseed (€/t)

Article written by Gabriela Dan, Editor of Arta Albă

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