US and EU wheat markets diverge as crop increases favour importers

摘要

US and European wheat markets went their separate ways last week as markets absorbed shifting export fortunes amid much larger than expected crop estimates for key suppliers Canada and Australia. Chicago Board of Trade (CBOT) wheat futures nudged 12-week lows after Canada raised its official crop estimate by more than 4 million tonnes to over 37.5mt - easily beating its previous, 2011, record of 32.1 mt and 38% up on-year. The spring wheat component, prized by Canada's foreign customers, rose by an even greater 45% to 27.2mt.