Focus on Wheat Prices

• CANADA: Acreage effectively unchanged from last year and production up +7% compared to last year.
  
  
• USA: Prices still falling, but with little trading. Durum wheat prices were weighed down by the sharp drop in spring wheat futures since mid-April, which brought the spread between the two categories back up.
  
  
• EU: The 2023 production forecast revised up slightly. However, the data still does not reflect the latest indications from Spain, where the persistent drought has reduced local operators' forecasts.
  
  
• NORTH AFRICA: Production is clearly recovering from last year's disastrous harvest.
  
  
• KAZAKHSTAN: Price declines in the domestic market have resulted in parity with those of soft wheat. Also competing for acreage are oilseeds the prices of which prices remain high due to export demand.
  
  
• AUSTRALIA: In view of the upcoming sowing season, expectations for the total 2023 harvest (durum and soft) are in sharp decline from last year's record production. Decreasing acreage and a return to lower yields than the high yields of the past three years are expected.

At the global level, production for the 2023/24 campaign has been revised marginally upwards, particularly for the US, but the scenario of a fifth consecutive year of deficit and erosion of global stocks has in fact been confirmed.