Cotidienne | Cereals – Prices of soft wheat are under pressure from harvests, those of corn and barley follow

Cotidienne | Cereals – Prices of soft wheat are under pressure from harvests, those of corn and barley follow
Cotidienne | Cereals – Prices of soft wheat are under pressure from harvests, those of corn and barley follow

THE price soft wheat on Euronext and, in turn, on the walk physical French ceded a little ground between June 20 and 21, suffering the pressure exerted by the ongoing harvests in certain large basins of production world, such as the United States or the Russia. The quotes of thebarley fodder and corn on the French markets followed the downward movement.

The winter harvest UNITED STATES would progress faster than expected, and the wheat spring grows in good conditions. In Russia, some private analysts have raised their 2024 harvest forecasts in recent days, such as the Ikar firm. In Argentina, the Rosario Stock Exchange raised its 2024 crop rotation forecasts, to a level higher than that estimated by the Buenos Aires Stock Exchange. Technical sales in Chicago also weighed. THE outside sales US weekly prices posted by the USDA came out higher than market expectations, mitigating the bearish context.

In butthe good ones growing conditions in the United States continue to weigh on the values ​​of CBOT in Chicago. Hot, dry weather is expected in parts of the Midwestern United States, while excess water is expected in others. The June 28 USDA reports on stocks quarterly and spring surfaces will be closely monitored. Let’s remember the pressure harvest emanating from South America. In Argentina, the Rosario Stock Exchange estimates the harvest achieved at 49%. Another bearish element: weekly US foreign sales published by the USDA came within market expectations, but at a low level. L’Ukraine seems very present in the Chinese destination.

In addition, analyst StoneX reports that international demand for wheat is not overflowing, and that sales from countries in the black Sea are behind compared to last year at this time. Add to this the abundance of corn in these countries. Furthermore, the Ukrainian export corridor seems to work better than the one organized under the aegis of the UN.

In FranceTHE seedling of corn are finished. The Céré’ Obs report from FranceAgriMer maintained the growing conditions for wheat, but degraded them for winter and spring barley.

The warmer and drier weather of recent days in France is beneficial to crops, but be careful, rains might come back soon. Some are planned for the middle and/or end of this week.

Fundamentals:

  • Russia, soft wheat, production : 82 Mt in 2024 (source: Ikar);
  • Argentina, soft wheat, surface : 17.1 million acres (source: Rosario Stock Exchange);
  • Argentina, soft wheat, surface : 15.6 million acres (source: Buenos Aires Stock Exchange).

International trade :

  • United States, wheat, foreign sales : 578,700 t last week (source: USDA);
  • United States, corn, foreign sales : 605,000 t last week (source: USDA).

French physical markets from June 21, 2024 (July base for cereals)

Soft wheat Specifications Due date euro/t Variation
Dunkirk rendering 220/11 miller Harvest 2024 Jul-Sep 219.00 NOT -2.00
Rendering La Pallice 76/220/11 Harvest 2024 Jul-Sep 219.00 NOT -2.00
Rendering Rouen 76/220/11 Harvest 2024 Jul-Sep 219.00 NOT -2.00
Pontivy/Guingamp rendering forage 74 kg/hl base, 72 kg/hl mini Harvest 2024 Jul-Sep 217.00 NOT -2.00
Fob Moselle miller Harvest 2024 Jul-Sep 205.00 NOT -2.00
Fob Rouen FC Superior A2 class 1 major. included Harvest 2024 jul. 223.80 0.00
FC Medium A3 class 2 major. included Harvest 2024 jul. inc.
Fob La Pallice FA Superior A2 class 1 major. included Harvest 2024 jul. 225.00 0.00
Departure from Marne BPMF 220 Hagberg Harvest 2024 Jul-Dec 219.00 NOT -2.00
Departure from Eure/Eure-et-Loir BPMF 76 kg/hl Harvest 2024 Jul-Sep 210.00 NOT -2.00
Departure South-East miller Harvest 2024 Jul-Sep 225.00 NOT -5.00
Durum wheat Specifications Due date euro/t Variation
Rendering Port-la-Nouvelle semolina standards Harvest 2024 Jul-Sep 305.00 NOT 0.00
Departure from Eure/Eure-et-Loir semolina standards Harvest 2024 Jul-Sep 300.00 NOT 0.00
Departure South-East semolina standards Harvest 2024 Jul-Sep 310.00-313.00 NOT 0.00
But Specifications Due date euro/t Variation
Bordeaux rendering Harvest 2023 Jul-Sep 194.00 NOT 0.00
Rendering La Pallice Harvest 2023 Jul-Sep 194.00 NOT 0.00
Pontivy/Guingamp rendering Harvest 2023 Jul-Sep 218.00 NOT 0.00
Fob Bordeaux Harvest 2023 Jul-Sep 198.00 NOT 0.00
Fob Rhine Harvest 2023 Jul-Sep 205.00 NOT 0.00
Harvest 2024 Jan-June 206.00 NOT 0.00
Departure South-East Harvest 2023 Jul-Aug 200.00 NOT 0.00
Feed barley Specifications Due date euro/t Variation
Rendering Rouen 62-63 kg/hl Harvest 2024 Jul-Sep 188.00 NOT -2.00
Pontivy/Guingamp rendering 63 kg/hl mini Harvest 2024 Jul-Sep 194.00 NOT -2.00
Fob Moselle without limit. of barleys 61/62 kg/hl Harvest 2024 Jul-Sep 170.00 NOT -1.00
Departure from Eure/Eure-et-Loir 63 kg/hl mini Harvest 2024 Jul-Sep 178.00 NOT -2.00
Departure South-East 62/63 kg/hl Harvest 2024 Jul-Sep 195.00 NOT 0.00
Malting barley – Winter 6 rows Specifications Due date euro/t Variation
Fob Creil Faro 11.5% max Port 500 t Harvest 2024 Oct-Mar 230.00-232.00 NOT 0.00
Malting barley – Spring Specifications Due date euro/t Variation
Fob Creil Planet 11.5% max Port 500 t Harvest 2024 Oct-Mar 249.00-251.00 NOT 0.00

Quotations of milling products from June 18, 2024

Its fine soft wheat Specifications Due date euro/t Variation
Departure from Ile-de-France available. 134.00-136.00 T
pellets available. 140.00-142.00 T
Half-white remolding Specifications Due date euro/t Variation
Departure from Ile-de-France available. 164.00-166.00 T
Low flour Specifications Due date euro/t Variation
Departure from Ile-de-France available. 229.00-231.00 T

Commercial quotations for dairy products from June 20, 2024

Milk powder Specifications Due date euro/t Variation
NBPL departure at 30 days 5% H BT bulk available. 2400.00 T
Whey powder Specifications Due date euro/t Variation
NBPL departure at 30 days, BILA pH 6 bulk available. 655.00 NOT

Dollar/euro evolution of June 21, 2024

Currency Closing value
1 US dollar 0.9356 euros
1 euro $1.0688

Chicago Futures Market Close June 21, 2024

Raw materials Fence Chicago
Wheat 561.50 cents/wood.
But 435.00 cents/wood.
Ethanol 2,161 $/gallon

Closing of the Euronext futures market on June 21, 2024

Milling wheat (Euronext)
Due date Fence
Sep 2024 224.50
Dec. 2024 233.50
March 2025 237.00
Volume 82147
Corn (Euronext)
Due date Fence
August 2024 208.50
Nov. 2024 206.00
March 2025 212.00
Volume 1018

International market quotes from June 21, 2024

Energy Due date Closing value
Oil (Nymex) August 2024 $80.73
Ocean freight indices from June 21 Variation
Baltic Dry Index (BDI) 1997 13.00
Baltic Panamax Index (BPI) 1827 -40.00
Baltic Capesize Index (BCI) 3142 63.00
Baltic Supramax Index (BSI) 1398 9.00
Baltic Handysize Index (BHSI) 753 9.00
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