Wheat closes week with significant gains

The rise in wheat prices continued on Friday. In Paris, prices for the front month rose by 3 euros to 211.75 euros/t. The September futures contract is now the highest-selling contract on the Matif. It rose by 3.75 euros/t to 235.25 euros/t. This means that the price of the contract has risen by 20.25 euros/t within a week from 215.00 euros/t last Friday. In addition to the data from overseas, reports of a further decline in condition ratings in France provided a boost. The agricultural authority currently rates 63% of the areas in good or very good condition, which is one percentage point less than a week ago. It is currently too dry in the south of Russia, and initial forecasts for this region have already been adjusted downwards. The weather reports for this region do not foresee any relief in the coming days either. In the USA, the weather and the weather outlook also play a decisive role in price developments. The drought is increasing in large parts of the Midwest. In Kansas, around 17 percent of land is already affected. In Texas, the figure is 11 percent. Wheat prices rose accordingly, although the price trend was not quite as pronounced as in the other days of last week. Pre-market trading is showing red signs in Chicago today, Monday.

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