After the affected EU member states, the Commission and Ukraine reached an agreement yesterday on a mechanism that eliminated the import bans on Ukrainian grain imposed by Poland and Hungary, wheat went clearly south. The front month of May on the Euronext/Matif fell by EUR 6.25 per ton to EUR 254.00. The agreement ensures that grain exported overland will not remain in Ukraine's neighboring countries. The large overland exports have led to price falls in the adjacent regions. According to import statistics from the EU Commission, 7.3 million tons of wheat were imported into the EU by April 17, around 5.2 million tons more than in the previous year. Up to this point, EU exports totaled 24.37 million tons, which corresponds to a lead of 1.9 million tons compared to the previous marketing year. According to the Ukrainian Ministry of Infrastructure, the inspections are running faster again and the bottleneck at the strait has been resolved. This news also put corresponding pressure on prices. The CBoT also went south.In addition to the news from Ukraine, announced rainfall in the drought-stricken wheat-growing regions are bearish here.
Source
VR AGRICULTURAL
