Grains and oilseeds: WASDE sets agenda

December 13, 2024 at 12:18 PM , Der AUDITOR
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BRUSSELS. This week’s WASDE report is far from encouraging for EU wheat and has failed to consider developments in South America for corn. Prospects are still sunny for soybeans in South America. Euronext rapeseed futures have recovered from the November slump.

Downturn in EU wheat production

Three drivers are impacting wheat at present. These comprise the WASDE report, Russia’s exports and the crops in the Southern Hemisphere. The WASDE report showed a 1.78 million mt reduction to 792.95 million mt in the global production estimate for wheat. Yet, consumption is displaying an even sharper decline, which has prompted the end-of-season supply to be estimated 300,000 mt higher than last month at 257.9 million mt. Further expectation is that EU production will range 1.3 million mt lower than previously anticipated at 12

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