Wheat prices didn't find a footing yesterday either. The coming front month of May 2024 lost 1.75 euros to a closing price of 188.50 euros per ton. The subsequent contracts greater losses. The following August date is also trading sustainably below the 200 euro/t mark as of yesterday's trading day. Yesterday's trading day marked the fifth time in a row that wheat went south. The reasons for the price decline have changed little. Although producers and traders in this country continue to worry about the development of wheat fields due to the high level of moisture in the soil, at the same time export competition from Russia and Ukraine dominates the market. The fact that Algeria was able to purchase 600,000 tons of wheat at a low price, as reported yesterday, speaks for the high delivery capacity of both countries and the great competition. Slightly friendly signals came from the foreign exchange market. Yesterday at noon the euro was able to overcome the $1.09 mark for the first time since the end of January, but was unable to maintain it. Positive foreign trade data from Germany caused the price to rise. At the CBoT things went very clearly south. The most traded May date closed here with a loss of 20 cents at 531.00 US cents/bu. This corresponds to a converted rate of 179.03 euros/t. Here too, the export data from Russia and Ukraine play a significant role in the chart. In addition, there are friendly weather developments in the Midwest, which give farmers hope for good yields. There were marginal gains this morning before the trading session.
Source
VR AGRICULTURE
