Yesterday, the prices for wheat on the two stock exchanges were again in red. On the eCBoT, prices are also trading at a loss this morning. Market participants on both sides of the Atlantic are expecting the naval blocks in the Black Sea to come to an end. If there is a political agreement, worries about the global wheat supply would have largely disappeared. According to initial reports, Russia wants to open three Ukrainian ports, but insists on inspecting every ship. In its fifth harvest estimate, the German Raiffeisen Association revised the wheat harvest for Germany slightly downwards due to the drought. On the other hand, the German barley harvest turned out to be better than expected. In southern Russia, the harvest is already in full swing. The proportion of forage wheat quality seems to be high. According to initial information, yields are likely to have increased by up to 20 percent compared to the previous year's harvest. US export sales data released yesterday surprised the market and reined in losses. In view of the currency situation, however, the Americans are likely to continue to find it difficult to be competitive on the world market.
Source
VR AgrarBeratung AG
