Wheat on the Euronext/Matif stopped the multi-day downward trend yesterday and rose by EUR 4.75 to EUR 324.50/t in December, the front month. On a weekly basis, however, a minus remains, because last Friday the Matif scoreboard in Paris still showed a closing price of EUR 327.25. The grain agreement on Ukrainian sea transport, which actually expires on Saturday tomorrow, was extended by 120 days yesterday. The news provided some relief because it will improve the global grain supply situation. However, the news put pressure on the CBoT in particular. Wheat contracts there slipped into the red. The International Grains Council (IGC) yesterday renewed its forecast for global wheat production in the current marketing year. With the November forecast, the panel of experts expects a global wheat harvest of 791 million tons (-1 million tons compared to the previous month's forecast). The correction is mainly due to the drought in Argentina. The IGC still expects a harvest of 13m tonnes (-4.5m tonnes) for the South American country, partially offset by higher harvests in Australia and Turkey.
Source
VR AGRICULTURAL
