Start of the week at the Euronext Stock Exchange

• Cereal prices continued the recovery started in the middle of the previous week, and canola suffered a sharp downward correction to recover at the beginning of the week.

Wheat on Euronext is benefiting from competitiveness at the start of the week, supported by a strong fall in the EUR/USD exchange rate to 1,0870. With a weekly increase of 3 euros/t, the maturity in March 2024 thus managed to end the first week of increases, after three consecutive weeks of decreases.

Corn's more timid recovery was not enough to regain the €200/t threshold on Euronext for March 2024.

Canola continues to follow the oilseed trend. As soybeans and palm fell sharply on Friday, European oilseeds corrected to close the session lower by -€9,5/t. However, canola seed did grow earlier this week. Sensitive to imports, the rapeseed market will be influenced earlier this week by the publication by StatsCan and Abares of new production estimates for Canada and Australia.

US wheat and corn markets again reflect very good weekly export sales figures released on Thursday by USDA. US wheat is benefiting from renewed buying interest from China, while corn is benefiting from higher Brazilian corn prices due to concerns from local producers.

Moreover, European wheat prices managed, supported by Chicago, to return above the threshold of 230 euros/t, at the level of November 22.

Quotations Euronext 04.12.2023/1/XNUMX (GMT+XNUMX)

Wheat (€/t)

Maize (€/t)

Rapeseed (€/t)

Article written by Gabriela Dan, Editor of Arta Albă

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