Uncertainty over the implementation of new US tariffs is weighing heavily on the wheat market. In Chicago, the May contract fell by a double-digit amount to the equivalent of 198.74 euros/tonne. There were also significant losses in Kansas and Minneapolis. President Trump announced that he was sticking to his plans to impose punitive tariffs on Canada and Mexico from March 4 and threatened the EU with similar measures - although not yet for agricultural products. He also announced that he would continue to raise tariffs on China. The new USDA report was also published yesterday. This showed that the US Department of Agriculture is forecasting slightly lower wheat reserves than expected for 2025/26 and a slightly larger area under cultivation. The US export figures also dampened sentiment. Orders fell by 46% compared to the average of the last four weeks. Prices also fell in Paris, albeit less sharply than in the USA.
Source
VR AGRAR
