Agritel raises Russian wheat forecast

Yesterday's trading day did not paint a uniform picture for wheat on the Euronext/Matif. The two first appointments fell marginally, while later appointment maturities increased minimally. The September contract closed with a minus of 0.25 euros at a closing price of 233.00 euros/t. The news situation was also different yesterday. The analysis house Avarlis and the company Intercerales assume that there will be extraordinarily good yields per hectare in France. These are likely to be up to 5 percent above the average of the last 10 years. The EU forecast service MARS also assumed good yields in the country in its June report and forecast a soft wheat yield of 7.44 t/ha for France, the average for the last 5 years was 7.29 t/ha . In a harvest conference, the Bavarian Farmers' Association drew particular attention to the weak development of summer crops, but there is also a lack of precipitation for the winter wheat stocks in Bavaria to ripen. For Russia, the analysis company Agritel expects a higher harvest and higher ending stocks due to the generally good growth conditions in the country.According to estimates, the harvest should now be 85.7 million tons instead of 83.2 million tons. After the strong price developments on Wednesday, the CBoT went south again yesterday. Profit-taking and technical selling resulted in a significant loss.

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