Wheat contracts rose again significantly yesterday in Paris. In the most traded December date, prices peaked at EUR 336.50/t. The December contract closed at EUR 335.25 at the end of the trading day, EUR 8 per ton higher than on Wednesday. Further purchases by Egypt in France and concerns about the quality of the European harvest due to the heat of the past few days have driven prices further. On the CBoT, however, wheat contracts headed south. After the close of the Paris stock exchange, Russian and Turkish media reported that a document is to be signed today at 4:30 p.m. local time in Istanbul, which will allow the resumption of Ukrainian grain exports across the Black Sea. Three ports around Odessa are being discussed. The Ukrainian President Zelensyk also announced via social media that he was expecting news from Istanbul today. In its most recent forecast for global wheat production, the International Grains Council estimated the expected harvest volume for the 2022/23 season at 770.0 million tons. This is an increase of 1 million tons compared to the last estimate.Good harvest results are currently being shown in Russia in particular.
Source
VR AgrarBeratung AG
