Better yield estimates for the southern hemisphere weigh on wheat

Wheat prices were also under selling pressure on the second day of the new week. On Euronext/Matif the December contract went south by 3.25 euros to 234.50 euros/t. Quotations on the local cash markets are also under pressure. Yesterday around 230 euros/t were quoted for feed wheat franko Südoldenburg for deliveries in January. Concentrated feed plants and mills are primarily making inquiries for the first quarter of the new year. However, agriculture's willingness to sell remains within limits for both wheat and barley. Very few arable farmers have storage pressure, also because the corn harvest is not pressing in terms of quantity. Europe's common wheat exports continue to lag significantly behind last year's volumes. According to the Commission's latest statistics, 9.33 million tonnes of common wheat were loaded by October 22nd. At this point in the previous year it was already over 11.9 million tonnes. Romania continues to lead the list of export-strong nations by far, followed by France and Poland. Germany has been able to export 793,484 tons so far in the current marketing year. Overall, however, better production conditions in the southern hemisphere are having a particularly negative impact on the grain market.After several weeks of drought in Argentina, the north of Brazil and especially in Australia, recent rainfall has improved the yield potential of these regions. Market observers in Australia expect that the recent rain showers could increase the harvest volume by up to 3 million tonnes. Things also went south on the CBoT, mainly because of the better global production prospects. The December date closed with a setback of 6.75 US cents at 580.50 US cents/bu (201.36 euros/t). The contracts are gaining ground slightly in the premarket today, but are far from making up for the losses of the previous day.

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