In the US, the bulls were able to clearly assert themselves before the weekend and made solid gains over the course of Friday. The bullish sentiment was fueled by the escalating war in Ukraine. According to the Ukrainian government, missiles hit a merchant ship loaded with grain shortly before Romania. The Russian side has neither confirmed nor denied the attack. In addition to the geopolitical conflict, market participants are also focusing on the weather again. A lack of rainfall in key growing regions in Russia and Ukraine is causing problems with the sowing of winter cereals, while parts of Europe experienced heavy rainfall and flooding at the weekend. The experts at Strategie Grains were pessimistic about the wheat harvest in the EU countries and reduced their forecast to 114.5 million tons. This would be the worst harvest since 2012 and a decline of 10% compared to the previous year. On Euronext, wheat contracts also recorded gains, albeit much more moderate. The front month recorded a gain of 2.25 euros/tonne to 225.00 euros/tonne.
Source
VR AGRAR
