Matif corrected

Demand for US wheat continues to fall short of expectations

Wheat prices stabilized yesterday. The most traded May futures contract closed with an increase of 2.50 euros/t at a closing price of 205.75 euros/t. Farmers in southern Germany are satisfied with the development of field stocks. The local feed industry is sometimes interested in feed grain and is asking for slightly more quantities again, although the willingness to sell is manageable. Unlike in the north, larger quantities of unsold wheat stocks are still suspected here. Demand for bread grain remains weak. In its latest estimate of production, consumption and ending stocks, the International Grains Council revised its global harvest forecast for 2024/25 downwards and now expects a harvest of 798 million tons. This corresponds to a reduction of 1 million tons compared to the March estimate. Prices stabilized on the CBoT yesterday. The front month fell marginally. Technical short covering is cited as the reason for the sideways movement. Overall, the mood on the US wheat market remains subdued. The US dollar continues to perform strongly, with the prospects that the Fed will not cut key interest rates as expected driving the currency's exchange rate. At 93,600 tons, last week's export bookings were well below the average of recent weeks. However, analysts had not expressed high expectations in advance. This morning, there are clearly positive signs for CBoT wheat.

Matif corrected
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