COTidienne | Cereals – Wheat and corn prices on Euronext continue to decline, due to strong international competition

THE prix soft wheat lost further ground between the sessions of November 25 and 26 on Euronext, given the strong international competition. Corn prices also lost ground on the European futures market and French markets. An increase in prices for soft wheat and feed barley on the walk French physics is observed, but be careful, this is simply an optical effect, because the deadlines change. November-December is no longer a reference, replaced by January-March.

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Russia remains very competitive in exports wheatwith prices posted below $220/t from local ports. The fall of the ruble against the dollar has also strengthened their attractiveness. The increase in Russian export taxes does not change anything for the moment, and the pace of exports remains dynamic. The Ukrainians are also continuing their expeditions.
Algeria continues to boycott French wheat, favoring Black Sea origins. The country would have purchased relatively small volumes, i.e. 140,000 t to 150,000 t, at $267/t C&F, to be loaded in January-March. Tunisia purchased 100,000 t of durum wheat and 100,000 t of soft wheat. Jordan is looking for 120,000 tonnes of goods on its side. French port activity is limited to a major loading program towards Morocco. But new business is not legion.
The arrival of wheat harvests from the southern hemisphere (Australia and Argentina) constitutes another downward factor. Finally, remember that sowing conditions are improving in various production areas, notably the United States.

In butprices on Euronext followed the crumbling of soft wheat. Technical selling occurred in the European futures contract. Competition from Ukraine remains present.

Euronext’s weekly report on user positions in its grain-backed futures contracts reveals that non-commercial traders reduced their net short position in corn by around 1,100 lots, to around 2,000 lots between November 15 and 22. In wheat, they lowered them by about 29,000 lots, to 131,000 lots.

The rise ofeuro facing the dollar penalizes the attractiveness of French and European origins on the international scene.

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Commerce international :

• Algeria, soft wheat, purchase : 140,000 t to 150,000 t, at $267/t C&F, January-March loadings (private source);
• Jordan, soft wheat, tender : 120,000 t (private source);
• Tunisia, soft wheat and durum wheat, purchase : 100,000 t for each species (private source).

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