Black Sea determines wheat prices

At the end of the week, wheat contracts in Paris went south again. The most traded December date lost 1.50 euros/t and closed the last trading day of the new week at 235.00 euros/t. On a weekly basis, the December date on Euronext/Matif has lost 8.25 euros per ton. Overall, the speculative but tense situation on the Black Sea is weighing on price developments. Russia has recently had problems competing with Europe in international tenders, but according to all reports, the harvest has been very plentiful. Today, Presidents Erdogan and Putin will meet in Sochi, Russia, to discuss reactivating the grain agreement. However, the talks were overshadowed by new attacks on Ukrainian port cities. President Zelensky announced on social media that he had spoken to his French counterpart about protective measures for Ukraine's grain exports. Across the Atlantic, courses on the CBoT also headed south. The prices also tended south. Here too, the talks between Putin and Erdogan are a topic in the course of trade.The grain exchange in Argentina, meanwhile, rates only 19 percent of the local grain stocks in the “good” or “excellent” categories. Recently there was heavy rainfall in the most important growing areas in the South American country, but it is still too dry in many cases. Dryness is currently also evident in Australia, the weather services there are reporting the warmest winter in the history of weather records, and there is currently no sign of precipitation down under. The CBoT will be closed today due to a holiday in the USA.

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