After Thursday's losses, wheat contracts in Paris and Chicago turned north in the last trading day of the week. The increase on the Matif is EUR 1.50 per ton, on the CBoT it went up by 14.75 US cents/bu in the front month. Presidents Putin and Erogan met on Friday and reiterated their criticism of Ukrainian grain exports, which mostly do not benefit poorer countries. However, there was no concrete news. Cocereal estimates this year's EU soft wheat harvest at 125 tonnes, down 4 million tonnes from last year's harvest. Saudi Arabia is looking for 535,000 tons of wheat in a tender for the period November to February, a result is expected for today. In the US, drought is currently hampering winter wheat planting, giving support to prices alongside tech buying. In Argentina, sowing for the coming 2022/23 harvest has ended, but drought and drought are affecting the development of the plants.
Source
VR AgrarBeratung AG
