Overall, wheat prices showed an upward trend. On the Chicago Board of Trade (CBoT), the May contract rose by 1.00 US cent to 529.20 US cents/bushel (170.42 €/t). In Kansas, however, hard red prices fell by 8.20 US cents to 537.60 US cents/bushel. At the same time, spring wheat contracts in Minneapolis rose by 1.00 US cent to 592.40 US cents/bushel. May also rose on the Paris Euronext by €0.75, resulting in a price of €209.50/t. However, it is expected that the positive price developments could be dampened by the impending rains in the hard red winter wheat growing regions, particularly in the US states of Montana, North Dakota and South Dakota. Meanwhile, US wheat exports totaled only 145,016 metric tons, below the forecast of 150,000 to 200,000 metric tons and the second lowest level in the current marketing year. Vietnam was the largest buyer with 75,300 tons, followed by Nigeria with 37,000 tons. Sales for the new crop totaled 371,712 tonnes, exceeding expectations of 100,000 to 300,000 tonnes and representing the second highest volume in the current marketing year. Mexico led the list of buyers with 112,000 tons, while Japan purchased 93,200 tons.
Corn futures recovered slightly on Thursday and ended the trading day up 2 to 5 ¼ cents. This continued a moderate countermovement after the recent losses. The cash market also showed a positive trend: according to CmdtyView, the national average price for corn rose by 5 ½ cents to USD 4.50 ½ per bushel. The announcement by the Chicago Board of Trade (CBOT) that the daily price limits for corn contracts would be extended by 5 cents to 35 cents in future on May 1 provided additional food for thought among market participants. The measure signals an increased willingness on the part of the exchange to react flexibly to potentially more volatile market phases and at the same time expands the scope for short-term price fluctuations. From a fundamental perspective, the main focus on Thursday was on the USDA's weekly export report. According to the report, 1.15 million tons of corn from the current 2024/25 harvest were sold in the week to 17 April. The result is in the upper range of market expectations of 0.8 to 1.3 million tons, but marks a week-on-week decline of 26.2%. At 629,200 tons, Japan was once again the most important buyer, followed by South Korea (140,600 tons) and Mexico (136,400 tons). However, no sales were reported for the new harvest - an aspect that traders and analysts are likely to monitor more closely in the coming weeks.
ZMP Live Expert Opinion
Wheat prices have trended positively in recent weeks, boosted by stable international demand and moderate price increases on the most important exchanges. In particular, export sales for the new harvest and the increase in price limits on the CBoT are supporting market sentiment. However, factors such as weaker US wheat exports and the prospect of rainy conditions in key regions of the US, which could stabilize supply, are dampening the upward trend. The price trend therefore remains influenced by uncertainties regarding global demand, weather conditions and political factors.
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