Monday June 3, 2024, wheat and corn closed close to balance on Euronext. “As at the end of last week, the increases observed during the day against a backdrop of climate risk in the Black Sea crumbled at the end of the session,” reports Argus Media — Agritel in its daily note released on June 4, 2024. Prices were particularly penalized by oil prices, which dragged down all raw materials with their fall.
Thus a tonne of wheat closed at 258.75 euros (-€0.50 compared to the previous closing) on the September deadline and at 264.50 euros (+€0.25) on the December deadline. A tonne of corn ended at 227.50 euros (+€3.50) for the June deadline and at 225.75 euros (+€0.50) for August.
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“It is in this uncertain context that the major wheat importing countries are making their return at the start of the week. After the call for tenders launched yesterday by Algeria for loadings of wheat for the month of August, Egypt is following suit with a tender for the month of July,” indicates the firm.
This Tuesday, June 4, shortly before 11 a.m. on Euronext, a ton of wheat increased by 1 euro on the September and December deadlines, to trade at 259.75 and 265.50 euros. Corn gained 1.25 euros on the August deadline, to 227 euros, and no transaction had yet taken place on the June deadline.
UNITED STATES
On the Chicago Stock Exchange, the decline is general, driven by oil but also by the start of the wheat harvest and the absence of delay in sowing. “The latest report on the state of crops published last night by the USDA (US Department of Agriculture) was very reassuring with figures higher than expected,” reports Argus Media — Agritel. The US market, reassured for a week, is erasing its risk premiums.”
Raphaëlle Borget
