19.
03.24
09:24

Wheat has a friendly start to the new week

As on Friday, wheat prices were able to end the trading day with green signs at the beginning of the new weeks. The leading May date in Paris rose by 2.25 euros/t to 197.25 euros/t. The lowered wheat forecast for Germany from last week by the German Raiffeisen Association and the subdued stock assessments in France provide fundamental support. For Germany, the German Raiffeisen Association expects a wheat harvest of 20.14 million tons, a decline of 6.5 percent compared to the 2023 harvest. The prices were also driven by new Russian attacks on the port city of Odessa, which apparently resulted in several buildings belonging to second agricultural companies in the port of the city was damaged. At the same time, Ukraine published new export figures, according to which a total of 12.9 million tons of wheat were exported in the current 2023/25 season. The previous year's volume is currently exceeded by 5 percent. The CBoT also started the new week with green signs, which continue to be evident in pre-market trading today. Last week, the USDA recorded wheat shipments exceeding 302,000 tons. This corresponded to cautious analyst estimates. Overall, exports in the USA for the financial year to date are 15.6 percent behind the volumes of the previous year. Support comes from slightly higher Russian export prices.

Source
VR AGRICULTURE
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