4.26 million hectares of wheat cultivation in Ukraine

On Euronext/Matif, the wheat contracts were unable to maintain their rising trend of the last trading days at the start of the week. The December date closed 1.25 euros/t higher at 232.25 euros/t. Quotations and price offers also fell slightly on the cash markets yesterday. For feed wheat ffr. Südoldenburg was quoted at 213.00 euros/t yesterday at lunchtime, 2 euros less than on Friday. Bread wheat at the wholesale level also fell by an average of 2 euros/t in the individual destinations. The sluggish wheat sowing in France is fundamentally supporting market price developments. Farmers are making slow progress here due to very heavy rainfall. At the same time, many retailers are also worried about their competitiveness because of the stronger euro. Algeria is currently looking for wheat, bids can still be submitted today, and France's exporters are hoping for surcharges. Jordan is also currently active on the wheat market with a larger tender for 120,000 tons. The Ministry of Agriculture of Ukraine released a report yesterday, Monday, that winter wheat area for the upcoming 2024 harvest remained unchanged at 4.26 million.Hectares left, compared to this year's harvested area, this is a decrease of 100,000 hectares. Sowing has already taken place on 3.87 million hectares, which corresponds to a sowing progress of 90 percent. On the CBoT, wheat prices started the new week more firmly. The December contract for the CBoT's Hard Red Winter increased by 3.25 cents to 575.75 US cents/bu, which corresponds to a converted rate of 197.29 euros/t. Weekly export shipments were disappointing at just 71,608 tons and were well below the previous week's values. However, due to currency developments, many market participants are speculating on better global wheat demand in the USA. However, this morning before the trading session, the contracts gave up all of their previous day's profits.

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