Wheat decline continues - Russian export prices are rising

Wheat prices are declining in the short trading week. Prices on the cash markets and on the stock exchange also fell yesterday. Wheat on Euronext/Matif closed 3.50 euros lower at a closing price of 201.00 euros/t in the front month of May. Things also went south at the CBoT. The leading May contract closed at 543.50 US cents/bu (184.36 euros/t), 11.50 US cents weaker. While the prospects for the European harvest have clouded over due to rainy months and FranceAgriMer recently downgraded the condition rating significantly, the Russian consulting firm Sovecon is confident about the upcoming harvest there. The soil moisture is high and there is hardly any wintering out. Export prices in Russia rose by $3.50 to $204.50 per ton last week. This means that Russian export prices have risen far less than those in Europe or the USA. According to market observers, Kazakhstan is also expected to have a good harvest. It is estimated that after 12 million tonnes in 2023, between 13 and 14 million tonnes could be harvested this year. Analysts are anticipating a decline in tomorrow's USDA report on cultivated areas for the coming season. On average, a wheat area of 47.3 million acres is expected, compared to 49.6 million acres last year. Before the trading session, there were once again red signs on the CBoT today.

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