Zhengzhou Commodity Exchange wheat falls before market opens, prices affected by reduced production in France and competition from Russia Fluctuation

On September 19th, Jin10 data reported that the pre-market price of Chicago futures exchange wheat fell by 0.8%. Analysts and traders are trying to reconcile two different supply situations: one is the reduction in French wheat production, and the other is the continued fierce competition in the Russian export market. AgriCensus stated in a report, ‘Prices are influenced by the tense situation in the European fundamentals and the strong competition from Black Sea wheat.’ This week, the French Ministry of Agriculture and Food released the latest balance sheet, which predicts a decrease in wheat and barley production for the 2024/25 season compared to last year, and a 61% decrease in the export volume of soft wheat. The most active corn and soybeans also declined, with corn falling by 0.6% and soybeans falling by 0.2%.