Wheat started the new week on a positive note, but was unable to maintain its initial gains. At the closing bell, the leading September contract was trading 0.50 euro/t lower at 258.75 euro/t. A similar picture emerged on the CBoT. After pre-market gains, it headed south in the course of the trading session. Reports of higher Russian export prices had a supporting effect. Ikar announced an FOB price of 248 dollars/t, 1 dollar more than in the previous week. As far as the weather front and the associated yield prospects for Russia are concerned, many eyes are also on the country. The Russian Minister of Agriculture is quoted as saying that he intends to declare a nationwide state of emergency for agriculture this week. This is apparently due to the massive frost damage caused by the cold spell at the end of April/beginning of May, which hit central Russia in particular. This could allow producers to claim their losses from insurance companies. The fact that share prices nevertheless closed slightly lower was mainly due to profit-taking. However, the start of harvest work in the USA is also weighing on sentiment. Unlike in previous weeks, the previous week's US export data was surprisingly solid. Nevertheless, actual shipments for the season are a good 1.1 million tons behind the previous year. Prices are largely unchanged at the start of trading today in Paris.
