After prices remained stable at the beginning of the week, there was a rather mixed development at the end of the trading week. As a result, wheat prices are at 554 US cents/bushel (195.36 €/t) on the CBoT for the March contract. The March contract, on the other hand, has made a slight gain in Paris to 230.50 €/t, an increase of 0.50 €/t.
The inconsistent price trend is also reflected in the regional markets. While hard red quotations in Kansas fell by 4.00 US cents to 570.60 US cents/bushel, spring wheat contracts in Minneapolis lost 2.00 US cents and closed at 604.40 US cents/bushel.
Bullish impulses came from export sales, where Japan bought a total of 126,893 tons of wheat, of which 30,793 tons came from the USA. This was countered by offers from Thailand. Thailand made an offer of 195,000 tons of wheat. As a result, the shortfall in export sales was not enough to stabilize the price.
There were also opposing trends on the maize market. March prices on the CBoT rose by 5.40 US cents to 489.60 US cents/bushel, while May contracts fell by 5.60 US cents to 494.00 US cents/bushel. December prices, however, rose by 4.60 US cents to 464.20 US cents/bushel.
The late release of ethanol data from the US Energy Information Administration (EIA) had a major impact on the market. At 1.099 million barrels, weekly production exceeded market participants' expectations. The same was true for inventories, which were higher than expected at 25.874 million barrels. Nevertheless, pressure remains on the corn market. Increased production and higher inventories could provide bearish impulses and weigh on prices in the long term.
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