Higher wheat stocks in Canada

Following the very significant gains on Monday, trading in wheat on Euronext/Matif in Paris was clearly volatile yesterday. At times, the most traded September futures fell to EUR 240.00, but then closed at EUR 242.75/t, only EUR 2.50/t lower than at the closing bell on Monday. Profit-taking in particular was cited as the reason for the decline. On Monday, the September contract had reached a new seven-month high. On the CBOT, the most traded July contract went south by 6 US cents to 642.75 US cents/bu. This puts the wheat contract in Chicago at 219.57 euros/tonne. On the cash markets in Germany, however, prices for bread and feed wheat are much firmer. However, trading is low due to the public holiday. There is certainly demand from the agricultural trade. Feed wheat and barley in particular are in demand, while there is virtually no demand at all for triticale and rye. The willingness of producers to conclude contracts for the coming harvest remains below average. Once again this week, the EU Commission has not published any current export figures due to technical problems. The last time export figures were published was on March 27. Canada's statistics authority put stocks at the end of the first quarter at 11.75 million tons, a drop of 15.4 per cent compared to the previous year. Spring wheat sowing in the USA has progressed at 47%, more than twice as fast as in the previous year, and is also well ahead of the five-year average of 31% at this time.

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