After the downtrend of the past few days, wheat prices rebounded on Thursday. Prices in Paris rose by 13.25 euros per tonne in September, and the CBoT also rose by more than 30 US cents/bu. Most recently, wheat had slipped to its lowest level since February 2022. Rumors of Chinese purchases and direct purchases from Egypt created a bullish mood on the two exchanges. Turkey has released the detained Russian ship. Ukraine has accused Russia of shipping stolen wheat. Hopes of finding a safe export corridor for Ukraine across the Black Sea are dwindling. The grain exchange in Argentina announced that wheat sowing is halting in the South American country. Sowing is down 6 percent on the previous year. According to the Grain Exchange, the sown area should also be significantly smaller than in the previous year. The area is now 100,000 ha less and amounts to 6.2 million hectares. On the spot markets in Germany, a price for prompt delivery can hardly be determined. Traders and growers are already trading exclusively in ex-harvest contracts.Russian prices have declined. The bountiful harvest is confirmed more and more and the harvest in the southern parts of the country is progressing well according to observers. Pre-market prices in Chicago are rising again today.
Source
VR AgrarBeratung AG
