Wheat prices and the corn are rising sharply at international markets. Analysts point to the escalated conflict in the Middle East and poor yields due to climate change. In third place is the growth of crude oil in recent days.
Euronext December 2024 wheat closed at its highest since July 31, while corn closed November 2024 at its highest since July 26.
According to the European Commission, exports of common wheat from the EU since the start of the 2024/25 season totaled 6.14 million tonnes as of September 29 (-26% compared to last year). Romania is the biggest exporter so far this season, shipping 2.04 million tonnes.
Germany exported 604,000 tonnes, Lithuania exported 914,000 tonnes, Latvia 608,000 tonnes, Bulgaria 615,000 tonnes and Poland exported 524,000 tonnes. Only 560,000 tons were given for France.
The EU imported 2.02 million tonnes of wheat during the same period, which was similar to last year. About 1.4 million tons or 69% of the volume came from Ukraine.
Wheat futures for December were trading €2.50 higher at €230 a tonne on Wednesday. The next date of March 2025 also rises by €2.50 to €240 per tonne.
New crop corn (November) was €1.75 higher at €214.25 a tonne. For March 2025, it is trading at €222 per tonne – €2.0 higher than the previous day.
In trading yesterday (Wednesday), rapeseed prices (for November) rose by 6.25 euros to 484 euros per ton. For February in 2025, it increases by 4.25 euros to 490.50 euros per ton.
Stock trading in the USA showed that for the last 7 days the price of wheat is up 4.16%. A look at data for the last 12 months shows that US wheat has not yet reached the May 28, 2024 peak, meaning there is potential for more growth. There is also an increase in the prices of corn and rapeseed.
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