In Europe, the wheat market is not exactly brimming with enthusiasm, while in America there was a plus. Moderate exports still hang over the European market. After a somewhat quieter period, there is also a lot to do about Trump. This month, he wants to push a whole package of legislation through the Senate. The abolition of subsidies for electric cars is making headlines, partly because of Elon Musk, but Trump also has plans in the field of biofuels.
The September wheat contract on the Matif closed yesterday €0,50 lower at €194,50 per tonne. On the CBoT, wheat took a step up, rising 1,6% to $5.37¼ per bushel. Corn closed half a cent lower at $4.20 per bushel. Soybeans were also relatively flat in the last trading session, trading half a cent higher at $10.25¾ per bushel.
European wheat exporters are also struggling to get going at the end of the season. Up to and including 29 June, the EU has exported 20,19 million tonnes of wheat, according to new figures from the European Commission. This means that exports are 35% behind last season, when 31,07 million tonnes were exported over the same period. Barley exports are also lagging behind last season. This season, 4,58 million tonnes of barley were exported, compared to 5,88 million tonnes last season. On the other hand, Europe has imported more maize, namely 19,60 million tonnes this season compared to 18,97 million tonnes last season. Imports of soybeans and soybean meal are higher at 14,27 and 19,25 respectively, compared to 13,20 and 15,28 million tonnes.
Warm and dry
The weather in large parts of Europe will remain warm and dry for the time being, according to reports. Especially in the southeast of Europe (the Balkans, Romania, Bulgaria and Ukraine) it will remain above average warm and there will be no rain. The western part of Russia and in parts of Scandinavia and the Baltic States temperatures will be around or below the multi-year average. And precipitation is also predicted for this region.
In America, traders had to chew on this week's Crop Progress report. The condition of both spring and winter wheat has been lowered by 1 percentage point by the USDA. Analysts had expected no changes in advance. Concerns are growing, especially about spring wheat. 53% of the area in the US is in good or excellent condition, but last season this week it was 72%.
America first
BBB is now a well-known name in Dutch politics. In the US, they now also have a BBB. However, that is not a party but the Big Beautiful Bill, a whole package of legislation that American President Trump wants to send to the Senate on July 4. The abolition of subsidy schemes for electric cars and the anger about it from Trump's former best friend Elon Musk makes it into the general media. For agriculture, there is a striking passage about the use of raw materials for the production of biofuels. In the concept version, the possibility is being investigated of excluding raw materials from outside North America for use in American biofuels.