Posted on October, 18, 2023 at 10:54 pm
By the same time most traded wheat Wv1 on the Chicago Board of Trade was up 1.2% at $5.77-1/2 a bushel.
Crop development for the 2024 French harvest was good so far, with regular and light rainfall expected in the next two weeks set to boost crop emergence.
"Things are looking good so far for next season," a trader said. "Today's rise is mainly in line with Chicago. The low euro is also supportive."
Russia's SovEcon agriculture consultancy said on Tuesday it had lowered its Russian wheat harvest forecast for 2023 to 91.4 million metric tons (mmt) from 91.6 million tons previously.
In Ukraine, grain exports are down to 7.8 million metric tons so far in the 2023/24 July-June season, compared to 11.5 million tons exported by Oct. 21 last year, agriculture ministry data showed on Wednesday.
In maize, French growers said they expected this year's harvest to rebound to above average, to at least 13.1 million metric tons, as a rise in yields due to good crop conditions offset a lower area sown after a poor 2022 harvest.
Source: Nasdaq