Wheat price rally

There was a real wheat rally on Matif and CBoT yesterday. The news that triggered this rally is diverse. The front month of May in Paris rose by a significant 9.00 euros to 215.50 euros/t yesterday. The following contracts also showed clear green signs. New attacks by Russia on Ukraine are once again fueling concerns about the supply situation. During the attacks, Russia hit important port infrastructure and important grain storage facilities were also attacked. In yesterday's bulletin, the EU forecasting service MARS revised its expectations for wheat yields per hectare slightly upwards, citing the generally mild weather conditions in recent weeks as the reason. Nevertheless, the concern remains that many areas have suffered long-term damage from the winter conditions. Yields of 5.93 t/ha are now expected (previous month's estimate 5.91 t/ha). At the CBoT, new weather models for the Great Plains also provided a boost. These indicate dry conditions with a risk of drought for important growing regions. In its weekly crop report, the USDA also reduced the condition rating of winter wheat areas by a significant 5 percentage points to 50 percent good to very good. The price gains were limited by weak export shipments. At 450,275 tons of wheat, these were once again well below the previous week's figure of 620,139 tons, and effective wheat exports for the season to date are also 1.4 million tons below the previous year's volume. The positive mood continues this morning. Contracts in Chicago are currently trading in the green in pre-market trading.

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