• The week ended on a positive note on Friday night on the Paris stock market. Euronext May 2024 futures rebounded by €9,75/t to close at €445,75/t.
Even rapeseed recovered in line with the price of oil, which remained firm, with a barrel of oil reaching $87,6 in New York, the highest level in almost 6 months.
As in the previous 2 weeks, wheat entered the weekend on a significant rise. Trading closed up +3€/t at €203/t and Euronext May 2024 futures held at the key support level of €200/t.
The price of corn is somewhat more moderate in the short term, but nevertheless recorded on Euronext a new crop increase of €1/t to €196,50/t, with delivery in November 2024.
The weather continues to be capricious on the European continent, with the northern half still suffering from excess moisture, while southern countries are experiencing rapid warming. This is true from Spain to southern Russia.
FranceAgriMer once again downgraded the status of wheat in France, with 65% of the crop considered "good to very good" on April 1st, up from 66% the previous week and especially up from 93% last year to date. Winter barley also lost 1 point during the week with the crop reaching 67% "good to very good", up from 92% last year to date.
Meanwhile, durum wheat stands at 70% "good to very good", a weekly drop of 3 points.
According to FranceAgriMer, 86% of spring barley had been sown by April 1, compared to 82% on March 25. Conditions for spring barley were assessed as being "good to very good" 61%, compared to 97% last year.
The Chicago Stock Exchange
The weather is looking increasingly favorable for an early start to corn planting in the Corn Belt in the coming weeks, which is weighing on Chicago prices slightly. However, the decline in prices was very limited in the face of renewed uncertainty in Argentina.
A bacterial attack has suddenly hit Argentina's corn as it enters the last stage before the harvest, which so far was expected to be promising. As a result, the Buenos Aires Stock Exchange cut its estimate for the 2024 harvest by 2 million tonnes to 52 million tonnes, creating the opportunity for further cuts.
Soybeans are moving in the opposite direction and closed higher on Friday evening. Any weather that favors early seeding in the Corn Belt generally favors an increase in corn over soybeans.
And wheat prices experienced a sharp rise. This growth remains underpinned by coverage short-covering of funds in the face of new tensions in the Black Sea and the unfavorable weather on the European continent.
Euronext quotes on 08.04.2024 (GMT+1)
Wheat (€/t)
| May 2024 | 203,75 | + 0,75 |
| September 2024 | 216,75 | + 0,00 |
| December 2024 | 223,00 | - 0,50 |
| March 2025 | 227,50 | + 0,00 |
| May 2025 | 229,75 | + 0,25 |
Maize (€/t)
| June 2024 | 191,75 | + 1,50 |
| August 2024 | 195,75 | + 1,00 |
| November 2024 | 197,25 | + 0,75 |
| March 2025 | 201,25 | + 0,25 |
| June 2025 | 204,25 | + 2,50 |
Rapeseed (€/t)
| May 2024 | 442,75 | - 3,00 |
| August 2024 | 452,75 | - 1,50 |
| November 2024 | 459,00 | - 1,00 |
| February 2025 | 462,75 | - 2,25 |
| May 2025 | 462,50 | - 2,25 |
Article written by Gabriela Dan, Redaccia Arta Albă
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