Prices for the next wheat crop stabilized at midday Friday as corn continued to run wild amid concerns over crops in Brazil.
Read also :Cereals are slowing their progress, in a still tense climate context
Generally speaking, cereals are supported by “the good Chinese demand, which is unabated. We have concrete and real concerns about the next harvest, with end-of-season stocks which are light“Said a grain market broker who requested anonymity.
Regarding corn, the drought in Brazil is more than ever considered as “very disturbing»: «we are starting to talk about a harvest level below 100 million tonnes, which would be a real handicap», Indicated this broker.
And the climatic difficulties in South America are no longer confined to Brazil, according to a note from the Agritel cabinet, which underlined that “Water deficit is also penalizing for Argentina from a logistical point of view, with now navigation difficulties on rivers due to low water».
France victim of the frost wave
In the United States, the cold snap that has raged in recent weeks has caused damage, “however we currently have climate improvements», Indicated this broker.
In France, after the wave of frost at the beginning of April, followed by an episode of drought, the proportion of common wheat cultivated under conditions considered to be “good” at “very good»Has regressed a little, from 81 to 79%, according to the CéréObs barometer of FranceAgriMer published on Friday.
However, “the current rains + remake the crops a little. We know that the damage has been done to rapeseed, but we think that this will significantly improve the situation of wheat and barley in particular.», Indicated the broker.
In Morocco, the authorities reintroduced a tax on the importation of common wheat from June 1. Experts expect a strong rebound in national production this year, reported the firm Inter-Courtage.
Around 12:45 on Euronext, a tonne of common wheat increased by 25 cents on the September deadline to 230.50 euros and was unchanged on the December deadline at 228.50 euros, for around 21,000 lots traded.
The tonne of corn, it grew from 4.25 euros on the June deadline to 262.50 euros, and from 4.75 euros on the August deadline to 252 euros, for about 1,300 lots traded.
Read also :Frost in the vineyard: global warming singled out
Regarding physical prices, the increase in prices paid for common wheat this week mainly concerned the next harvest, which was up sharply. Old harvest corn has made strong progress.
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