Global weather reports trigger price fireworks for wheat

After last week's sideways movement, wheat prices in Paris and Chicago set off a veritable price firework yesterday. Despite a weak start to the day with red signs at times, the Euronext/Matif scoreboard at the end of the trading day showed an increase of 10.25 euros per tonne for the front month of September. This was triggered by new weather reports. In the USA, the new weather models show hardly any precipitation for the winter wheat regions. The risk of drought has increased significantly. The western US plains in particular are too dry. In Russia, growing conditions have also deteriorated. Temperatures below freezing are being reported here. In addition, it is currently also too dry in large parts of Russia. The analysis company ICAR therefore lowered its forecast at the end of last week by 2 million tons to 91 million tons. Global wheat prices are also being driven by rising export prices in Russia. These have risen by USD 4 per tonne to USD 216 week-on-week. Market participants are concerned about the quality of stocks in France and western Germany due to bad weather last week. On the domestic spot markets in Germany, prices were still stable yesterday and largely unchanged from Friday. Activity is currently manageable. Due to the public holidays this week and last week, many traders are not active. There is still no clear trend on the CBoT this morning.

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