THE prix soft wheat have progressed somewhat on Euronext and the walk physical French between the sessions of November 29 and December 2, consequence of a market which hopes for a rebound in the pace of exports fromEuropean Union. Corn, for its part, declined somewhat on national markets, in the wake of the CBOT in Chicago.
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On the side of wheat tender, the Russia has established its export quota for the first half of 2025, much lower than that of last year at the same time, leaving some hope for European exporters. However, the rise in values is tempered by good production prospects in various major global production areas. In Australialocal authorities have raised their harvest forecasts. It will be a matter of looking in the longer term at the effects of the agreement signed on cereals between the Morocco and the Russia. The Russians hope to export 1 Mt to Morocco in 2024-2025. A slight increase in prices from Russia is reported.
US wheat export inspections were within market expectations last week, at nearly 300,000 t according to the USDA.
Note that Australia has revised its barley production projections downward.
In butthe quotes are down slightly, like the CBOT in Chicago. Harvests are abundant in the United States, and plantings are progressing well at Brazil. Ukrainian exports remain dynamic. US export inspections were within market expectations, at around 936,000 t last week.
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Fundamentals:
- Australia, wheat, production : 31.9 Mt in December 2024, 31.8 Mt in September 2024 (source: Abares);
- Australia, barley, production : 11.7 Mt in December 2024, 12.2 Mt in September 2024 (source: Abares);
- United States, wheat, export inspections : 296,106 t last week (source: USDA);
- United States, corn, export inspections : 935,859 t last week (source: USDA).
French physical markets from December 2, 2024 (July base for cereals)
| Soft wheat | Specifications | Due date | euro/t | | Variation |
| Dunkirk rendering | 220/11 miller Harvest 2024 | Jan-Mar | 220,00 | N | 1,00 |
| Rendering La Pallice | 76/220/11 Harvest 2024 | Jan-Mar | 220,00 | N | 1,00 |
| Rendering Rouen | 76/220/11 Harvest 2024 | Jan-Mar | 219,00 | N | 1,00 |
| Pontivy/Guingamp rendering | forage 74 kg/hl base, 72 kg/hl mini Harvest 2024 | Dec-Mar | 214,00 | N | |
| Fob Moselle | miller Harvest 2024 | Dec-Mar | 215,00 | N | |
| Fob Rouen | FCW Superior A2 class 1 major. included Harvest 2024 | Jan-Mar | n.p. | | |
| | FCW Medium A3 class 2 majo. included Harvest 2024 | Jan-Mar | inc. | | |
| Fob La Pallice | FAW Superior A2 class 1 major. included Harvest 2024 | Jan-Mar | n.p. | | |
| Departure from Marne | BPMF 220 Hagberg Harvest 2024 | Jan-Mar | 220,00 | N | 1,00 |
| Departure from Eure/Eure-et-Loir | BPMF 76 kg/hl Harvest 2024 | Jan-Mar | 215,00 | N | 1,50 |
| Departure South-East | miller Harvest 2024 | Jan-Mar | 225,00 | N | 0,00 |
| Durum wheat | Specifications | Due date | euro/t | | Variation |
| Rendering Port-la-Nouvelle | semolina standards Harvest 2024 | dec. | 300,00 | N | 0,00 |
| Departure from Eure/Eure-et-Loir | semolina standards Harvest 2024 | dec. | 290,00 | N | 0,00 |
| Departure South-East | semolina standards Harvest 2024 | dec. | 290,00 | N | 0,00 |
| But | Specifications | Due date | euro/t | | Variation |
| Bordeaux rendering | Harvest 2024 | Dec-Mar | 194,50 | N | |
| Rendering La Pallice | Harvest 2024 | Dec-Mar | 195,50 | N | |
| Pontivy/Guingamp rendering | Harvest 2024 | Dec-Mar | 203,00 | N | |
| Fob Bordeaux | Harvest 2024 | Dec-Mar | 198,00 | N | |
| Fob Rhin | Harvest 2024 | dec. | 206,00 | N | -0,50 |
| | Harvest 2024 | Jan-Jun | 214,00 | N | -0,50 |
| Departure South-East | Harvest 2024 | Dec-Mar | 205,00 | N | |
| Feed barley | Specifications | Due date | euro/t | | Variation |
| Rendering Rouen | 62-63 kg/hl Harvest 2024 | Jan-Mar | 189,00 | N | -1,00 |
| Pontivy/Guingamp rendering | Harvest 2024 | Dec-Mar | 190,00 | N | |
| Fob Moselle | without limit. orgettes Harvest 2024 | Jan-Mar | 184,00 | N | -0,50 |
| Departure from Eure/Eure-et-Loir | Harvest 2024 | Jan-Mar | 178,00 | N | -1,00 |
| Departure South-East | 62/63 kg/hl Harvest 2024 | Jan-Mar | 205,00 | N | 0,50 |
| Malting barley – Winter 6 rows | Specifications | Due date | euro/t | | Variation |
| Fob Creil | Faro 11.5% max Port 500 t Harvest 2024 | Jan-Jun | 222,00 | N | 0,00 |
| Malting barley – Spring | Specifications | Due date | euro/t | | Variation |
| Fob Creil | Planet 11.5% max Port 500 t Harvest 2024 | Jan-Jun | 238,00 | N | 0,00 |
Quotations of milling products from November 26, 2024
| Its fine soft wheat | Specifications | Due date | euro/t | | Variation |
| Departure from Ile-de-France | | available. | 134,00-136,00 | T | |
| | pellets | available. | 144,00-146,00 | T | |
| Half-white remolding | Specifications | Due date | euro/t | | Variation |
| Departure from Ile-de-France | | available. | 169,00-171,00 | T | |
| Low flour | Specifications | Due date | euro/t | | Variation |
| Departure from Ile-de-France | | available. | 169,00-171,00 | T | |
Commercial quotes for dairy products from November 28, 2024
| Milk powder | Specifications | Due date | euro/t | | Variation |
| | NBPL departure at 30 days 5% H BT bulk | available. | 2500,00 | N | |
| Whey powder | Specifications | Due date | euro/t | | Variation |
| | NBPL departure at 30 days, BILA pH 6 bulk | available. | 870,00 | N | |
Dollar/euro evolution of December 2, 2024
| Devise | Closing value |
| 1 dollar US | 0,9517 euro |
| 1 euro | 1,0507 dollar |
Chicago Futures Market Closes December 2, 2024
| Raw materials | Fence | Chicago |
| Wheat | 537,50 | cents/wood. |
| But | 424,50 | cents/wood. |
| Ethanol | 2,161 | $/gallon |
Closing of the Euronext futures market on December 2, 2024
| Milling wheat (Euronext) |
| Echéance | Fence |
| Dec. 2024 | 211,50 |
| Mars 2025 | 222,50 |
| May 2025 | 226,75 |
| Volume | 66401 |
| Corn (Euronext) |
| Echéance | Fence |
| Mars 2025 | 203,00 |
| June 2025 | 208,75 |
| August 2025 | 212,25 |
| Volume | 3464 |
International market quotes for December 2, 2024
| Energy | Echéance | Closing value |
| Oil (Nymex) | Jan. 2025 | 68,10 $ |
| Ocean freight indices | from December 2 | Variation |
| Baltic Dry Index (BDI) | 1298 | -56,00 |
| Baltic Panamax Index (BPI) | 1009 | -9,00 |
| Baltic Capesize Index (BCI) | 1973 | -160,00 |
| Baltic Supramax Index (BSI) | 979 | -1,00 |
| Baltic Handysize Index (BHSI) | 657 | -2,00 |
