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Then came the rain. Three weeks of relentless downpours have hurt the harvest quality much more than the size.
Now, he thinks just half of his crop is good enough to make the chewy dough used in bakery products, compared with the majority in a normal year. Much of the rest ceo fire trader +bitcoin end up as animal feed, fetching a lower price. Plus, even lower-quality wheat may be in demand due to tight global feed-grain supplies.
Parts of Europe have in recent days seen some of the most devastating floods in decades, and scientists warn that extreme weather events should increase as the planet warms. Wetter-than-usual weather is expected throughout Germany from July 26 until early August, a national forecaster said. Milling-wheat prices extended a rally to a one-month high in Paris, while benchmark futures in Chicago headed for the biggest weekly surge in six years on concerns about adverse weather either side of the Atlantic.
High freight costs could also hurt sales to far-away buyers, while keeping supply competitive in traditional markets nearer, according to crops office FranceAgriMer. Rain interrupted the collection of barley -- which takes place before wheat -- and more showers would prolong harvests, cooperatives group DRV said.
The country is among the first in the EU to start harvesting and has dominated tender sales in to top importer Egypt lately. But heavy showers in Romania and Bulgaria have damaged quality.