Drought in Russia: Grain region particularly affected
In Russia, the main region for grain cultivation has been experiencing dry conditions for weeks. This is likely to result in lower yields and poorer quality than previously expected.
Weizen: Hope for Export Revival
Wheat futures on Euronext fell slightly on Wednesday. The September contract lost 0.75 euros to 205.75 €/t. The signs were also red at the US exchanges. July closed at the CBoT with a loss of 5.5 cents at 5.25 US $/bu (170 €/t). The favorable conditions for wheat stocks in Europe and North America are causing further losses at the exchanges. The current low price levels in Western Europe could stimulate export business. Wheat from France is considered competitive in the Middle East and North Africa.
Oilseeds: Bad Mood in the US
Rapeseed futures on Euronext closed weaker on Tuesday, continuing the ups and downs of previous days. The August future lost 6.75 € to 469.75 €/t. The front month of May is expiring today. Rapeseed was pulled down by soybeans. The July bean fell at the CBoT by 9.75 cents to 10.53 US $/bu (340 €/t). Soybean trade in the US continues to suffer from uncertainty about future trade relations with China. The fast pace of planting in the US, large harvests in South America, and weaker crude oil prices worsen the chances of a recovery.
Corn: High Losses in Chicago
The corn market in the US collapsed on Tuesday. The July future lost 13 cents to 4.70 US $/bu (163 €/t). At Euronext, corn fell to 200.25 €/t for the June contract. Despite heavy rainfall in recent weeks, corn planting in the US is progressing at an above-average pace. Fears of stronger disruptions in spring planting have not materialized. Rainfall in Brazil has alleviated the dryness threatening safrinha corn.
Potatoes: April 2025 Contract Expired
At the exchange, the key seasonal contract for April 2025 has expired. The new front month is the June 2025 contract, valued at around 16 €/dt. The following season timeframe of April 2026 is listed at 16 €/dt. The April 2027 contract, representing the next harvest, has been added to the exchange table. The calm cash market with steadily declining daily prices is putting pressure on the exchange table, with few signs of improvement in the future trends.
Milk: Quiet Business
The front butter futures on the EEX continue to move sideways without any trades, while the later contracts have given back the gains from the previous week. There was some trading activity on the August contract, leading to a price decline of 104 € to 7,204 €/t since Friday. The August skimmed milk powder rose by 11 € to 2,444 €/t, supported by hopes for increased demand in China. The April futures are expiring today.
Conversion Rate:
1 € = 1.1373 USD 1 US bushel corn = 25.4012 kg 1 US bushel wheat = 27.2155 kg 1 US bushel soybean = 27.2155 kg 1 US cwt = 45.36 kg (live weight, note) 1 acre = 0.4047 ha
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