Export demand supports wheat

With high trade turnover, wheat prices increased again significantly on both sides of the Atlantic. The December date rose by EUR 12.00 to EUR 326.75 per ton. The main reasons for the price increases are the renewed attacks on ports and infrastructure by Russia in the Odessa region. The doubts that the export deal will actually be implemented are growing. More and more market participants are also expressing doubts as to whether shipowners are at all willing to send their ships to the war zone. Matif contracts received additional support from solid export demand. In the marketing year that has just begun, 1.4 million tons of wheat have been exported to third countries. According to traders, Pakistan bought a total of seven shipments totaling 300,000 tons of wheat from France. Agritel assumes that French exports could be up to 12% higher than in the past marketing year. Spring wheat ratings in the US have been revised downwards. 68% are in good to very good condition, down 3% from the previous week.