The editorial staff of “Barlamane.com” | 17:40 – May 6, 2025
European wheat lessons rebounded on Monday from 1.2 % on Euronext on Euronext on Monday, at 204.75 euros per tonne, after having received a lower contract on Friday May 2, in a context of monetary pressures and prospects for the abundance of global supply linked to climatic conditions in Russia and good agronomic results in the United States.
According to data published Tuesday by the European Commission, the European Union’s tender wheat exports remain in the net decline of 34 % since the start of the 2024-2025 campaign compared to the previous year. But Morocco has established itself since last week as the first destination of European wheat, ahead of Nigeria, with the cumulative purchase of 250,000 tonnes in two weeks: 133,000 tonnes reported in the week ended on May 4, and 117,000 tonnes in the previous week.
The fear of a temperate American offensive
Operators have also reported the purchase by Morocco of American wheat volumes, although lower than feared. Estimates vary between 60,000 and 90,000 tonnes for delivery in May-June, in three ships.
The term contracts on tender red winter wheat also increased 1.3 % in Chicago. The weekly report of the American Department of Agriculture published Monday showed that 51 % of the harvest was deemed in good or excellent condition, two points more than the previous week and a record for this period of the year since 2020.
European competitiveness under tension
Despite the unfavorable exchange movements, the wheat in Western Europe retain relative competitiveness in the face of the origins of the Black Sea, at least as long as the euro remains contained. French and Ukrainian wheat is currently displaying a similar level, around 2 dollars per tonne below Russian and Romanian prices for 11.5 % protein, valued between 238 and 242 dollars per tonne FOB.
American wheat (SRW) for boarding in May-June from the Gulf of Mexico remained the most competitive source on the world market, at 221-225 dollars per ton FOB-about 10 dollars less than French wheat at 11 % protein, depending on the evolution of the Parisian square and the exchange rate.
