The bullish mood from the weekend also prevailed at the start of the new trading week in Paris and ensured moderate price gains. The May contract recorded a plus of 6.75 euros/ton to 379.50 euros/ton. In the US, futures rose sharply. In particular, the front dates booked up to double-digit profits. So far, US wheat stocks have not been able to recover from the unfavorable growing conditions. In Texas, 79% of land is in poor condition. Overall, only 32% of all US stocks are in good to very good shape. Meanwhile, Algeria and Egypt are looking for wheat on the world market. Global demand remains high and is thus also supporting the high price level.
Source
VR Agrarberatung
