26.
03.24
10:00

Concerns about the European wheat harvest are increasing

The growing tensions between Russia and Ukraine ensured that wheat prices were still trading in a clearly positive mood on Friday. On Monday the courses started the new week in a friendly way. At the peak of the day, up to 210.50 euros/t were traded in the front month of May, but at the end of the session there was a loss of 2.75 euros and a closing price of 204.50 euros/t on the display board in Paris. Russia has launched new attacks on Ukraine's energy infrastructure, initially boosting prices. It is also reported that the Russian authorities are fighting a conflict with the private export company TD RIF. There have recently been increasing complaints about the quality of TD RIF's deliveries. France's agricultural authority FranceAgriMer on Friday assessed the condition of domestic wheat stocks at 66 percent in the good or very good category. A year ago it was 94 percent. The rainy weather of the last few months is cited as the reason for the poor condition rating. It is also fitting that the EU forecast service MARS yesterday corrected the yields per hectare for the coming EU winter wheat harvest downwards. Because of the very rainy months in winter, some regions would have to break up winter crops and replace them with spring or summer crops. After initially positive price developments, weak export loadings and technical signals weighed on trading on the CBoT. In addition, the weather forecast for the important wheat-growing regions in the Great Plains is positive for the coming days. There were slight losses in Chicago today before the trading session.

Source
VR AGRICULTURE
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