Less wheat expected in Ukraine

DRV raises German wheat forecast slightly

Wheat prices showed little movement on the Paris stock exchange yesterday. The front month of May is unchanged from the previous day, the follow-up contracts close the second trading day of the week with marginal losses or also unchanged. On the cash markets, mainly existing contracts are being settled. New transactions are rare and the marketing status of the coming harvest is also assessed by traders as "low". In its second harvest estimates, the German Raiffeisen Association has revised yield expectations per hectare for wheat slightly upwards. While 74.3 dt/ha of wheat (summer and winter wheat combined) was expected in March, the figure for April is now 74.4 dt/ha. This increases the harvest forecast to 20.16 million tons. This is 6.4% less than was harvested from German fields in 2023. In winter wheat, the area under cultivation has fallen by 7.7% compared to 2023. Ukraine won a tender by the Egyptian state grain purchasing company and was able to sell 120,000 tons. The Ministry of Agriculture in Kiev announced its initial assessment of the upcoming harvest yesterday and expects a reduced production of 19 million tons of wheat, while 3.5 million tons more were harvested in the previous year. On the CBoT, wheat moved slightly southwards yesterday. The USDA cut the condition grades of wheat areas by one percentage point compared to the previous week. Spring wheat planting continues to make progress, with 11% of the planned acreage currently planted, 4% more than a year ago.

Less wheat expected in Ukraine
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