Strong US dollar weighs on CBoT prices

Mixed development of Matif wheat

Wheat did not find a clear direction on the stock exchange yesterday. In Paris, the most traded contract, May 24, rose by 0.25 euros to 203.75 euros/tonne. The subsequent September contract suffered marginal losses, while the later dates ended the first trading day of the week largely unchanged. Prices on the cash markets are stable, but slightly higher than at the beginning of last week. Feed wheat delivered carriage paid to South Oldenburg is currently quoted at around 196 euros/t. Following speculation in recent days about Ukraine's ability to export due to the recent attacks, the country's current export reports for the 2023/24 marketing year show a volume of 37.6 million tons of grain. This is around 2 million tons less than in the previous year. Overall, international demand is likely to pick up again in all exporting countries. The month of fasting has ended in Muslim countries, meaning that demand from these regions is likely to increase again. On the CBoT, wheat headed south across all contracts. The front month of May 24 closed with a loss of 4.25 US cents at 551.75 US cents/bu (190.81 euros/t). Better weather conditions in the Midwest had a negative impact. The stronger US dollar is also dampening the mood of market participants. Last week's export inspections yielded 550,000 tons of wheat. For the first time in a long time, these were above the level of the previous week. The main buyer was China. Pre-market prices in Chicago are up slightly this morning.

Strong US dollar weighs on CBoT prices
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