Reduced wheat expectations in Ukraine

Prices on Euronext/Matif came to a halt yesterday after the significant rally on Monday. Although the front month of May was able to gain again at the beginning of the session, it ended up significantly in the red at the end, while the follow-on contracts left yesterday's session unchanged or with marginal losses. Profit-taking weighed on the front month in particular. Moreover, this will expire shortly and is now increasingly characterized by closing positions. The EU Commission did not publish any new export figures yesterday either. Technical problems are still being cited. After Sovecon revised its forecast for the Russian harvest upwards, the industry service Argus Media is reporting lower harvest expectations for Ukraine this year. Argus Media expects 19.93 million tons of wheat for the coming harvest, which is 230,000 tons less than previously expected and is likely to fall short of last year's harvest by around 11%. Prices on the CBoT continued their rally. Yesterday, the most traded July futures exceeded the 600 US cents per bushel mark and, with Tuesday's gains, traded at a converted 206.93 euros/t. The reduced inventory valuations for winter wheat areas and the dry weather outlook for the Great Plains also boosted prices yesterday. Prices are somewhat limited by the rapid sowing of spring wheat. On average, 10 percent of the areas have already been sown at this time of year. The current figure in the United States is 15 percent. There is no further rally in the pre-market today. Contracts in Chicago are trending red at the moment and have lost some of their gains from the previous day.

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