Wheat headed slightly south yesterday, Tuesday. The most traded September futures contract slipped by 0.25 euros to 258.50 euros per tonne. European wheat exports reached 28.169 million tons by May 2 of the current marketing year. This is around 1.4 million tons less than in the 2022/23 season. 574,880 tons were loaded on average per week in all calendar weeks to date. Last week, the figure was 218,619 tons, which was well below average. In the latest tender from Egypt, Ukrainian exporters apparently prevailed, offering the cheapest FOB price of USD 271.75 per tonne. France's supplier was clearly left behind at 291.70 US dollars per tonne FOB. Russian prices were also lower than those of the cheapest European suppliers. President Vladimir Putin has spoken out about the yield losses in Russia. The cold spell has caused losses in 21 regions of the country, with around 1 percent of the national grain harvest destroyed. However, the news did not provide any support for wheat prices, as the market has already priced in the crop losses. The CBoT saw a more pronounced downward trend. The US wheat harvest is off to a brisk start. 6 percent of the initial area has already been harvested, compared to an average of just 3 percent over the last five years. Sowing of spring wheat has also made good progress and is almost 94% complete. This figure is also above the average of the last five years. Pre-market contracts in Chicago are up slightly this morning.
Source
VR AGRAR
