Grain News, 06/17/2022

In Paris, wheat prices rose moderately. Prices on the cash market were also firmer again. Even if the buyers are hardly willing to pay the high prices for the new harvest. The trade is correspondingly calm and the mills in particular are acting cautiously. Temperatures forecast for this weekend could reduce spring wheat yields in the dry regions. The barley harvest is expected to start in some areas. Wheat prices hit new highs on the CBoT but retreated later in the day. The front month recorded growth of 2.7%. In addition to the general uncertainty, the US dollar, which has weakened again, provided buying impetus on the stock exchange. According to the USDA, US exports reached 580,000 tons in the first week of the new season, up 33% on the same period last year. Brazil accounts for the largest share as a buyer. Followed by Mexico and Switzerland. At 582,159 tons, the quantities shipped were also above the previous year's level (+33%). In the case of Euronext corn, the green signs prevailed shortly before the weekend. The leading August increased by 4.5 euros/ton to 339.50 euros/ton.The bulls took the lead on the Chicago Stock Exchange yesterday, driven by the unfavorable weather forecast and the rebounding wheat market. The front month closed with a settlement of the equivalent of 294.35 euros/ton and a profit of $14.25 US cents/bushel. The export business, on the other hand, slowed the rise in prices. The USDA confirmed bookings totaled 280,000 tonnes, down almost 50% from the previous week. At the same time, this is the lowest value since the beginning of this season.