Getreide News, 12/02/2022

Shortly before the weekend, the indicator boards on the Matif were red again. The coming front month of March recorded a loss of 3.50 euros/ton to 312.50 euros/ton. Wheat also went south in Chicago. Only the end of December still made it into the profit zone. In particular, the weak export data released by the USDA yesterday provided the bearish impetus. Around 162,500 tons of wheat were sold last week, well below the expectations of market participants. The reason for the developments, according to market experts, are the particularly favorable offers from countries such as Ukraine and Russia. In addition, the unfavorable dollar exchange rate is having a negative impact on trade. In addition, the significantly improved earnings prospects in Canada and Australia are dampening the buying mood. Many market participants are speculating that prices will fall in the coming weeks and months. Red signs ended trading both on this side of the Pacific and on the other side. There were several reasons for the further downward movement these days. On the one hand, there are still no specifications from the wheat market, which has been weakening since the beginning of this week.In addition, the soy complex had to cope with a significant price correction yesterday, which also dampened the mood. Export sales did not provide any positive impetus. According to the USDA, export sales totaled 632,700 tons, still in line with expectations but on the low end. Compared to the previous week, the amount was almost twice as high (1.85 million tons). A new deal with Mexico for 114,300 tons was published yesterday, but this no longer had a positive effect on prices.