With yesterday's trading day, wheat was able to interrupt the trend of the past few days. The March contract on the Euronext/Matif went up by EUR 2.75 to EUR 301.75/t. Little has changed in terms of the fundamental news. Yesterday, repositioning in particular provided support after the significant losses. The lower price level was used to build up new positions. As reported by the Russian analysis agency Sovecon, the current export prices in Russia are between 307 and 311 US dollars per ton. This means that prices have stabilized towards the turn of the year. Meanwhile, the Russian Statistical Office has put the harvest there at EUR 102.65 million, of which 72.6 million tons are winter wheat. The Ukrainian Ministry of Agriculture announced this week that around 20 percent of the arable land in the country is still mined or occupied by Russian troops. The consulting firm APK-Inform currently estimates the area under cultivation for winter wheat at 3.8 million hectares. That would be 57 percent less than in the previous year. Bargain purchases on the CBoT also brought the previous downward trend to a halt.
Source
VR AGRICULTURAL
