Better weather situation in the USA

FranceAgri Mer expects lower wheat exports

Wheat also headed south on the Paris stock exchange yesterday. The front month of May lost 0.50 euros at a closing price of 203.25 euros/t. The following contracts lost somewhat more. The cash markets have recently seen slightly more feed grain traded again. However, volumes remain manageable, particularly in northern Germany. Many market participants assume that the vast majority of last harvest's stored goods have already been marketed. The vast majority of observers are currently satisfied with field stocks. At European level, weak export demand continues to weigh on the price trend. France's agricultural authority (FranceAgriMer) has revised its forecast for French exports outside the European Union downwards to 10 million tons. This means that 0.5 million tons less third-country exports are now expected than before. Competition from Russia and Ukraine is also an issue in trade. Egypt recently ordered 120,000 tons of wheat from Ukraine. Wheat also headed south on the CBoT. Here, the improved weather prospects in the Great Plains in particular weighed on sentiment. Especially in the recently very dry areas, there is currently abundant rainfall, which favors both spring crops and winter wheat. The firm US dollar is also a negative factor for wheat trading. Pre-market trading in Chicago is showing signs of recovery this morning, however.

Better weather situation in the USA
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