After the significant losses of the last few trading days, wheat went up yesterday. The front month on the Paris Stock Exchange rose by EUR 2.50 to EUR 293.00. Things also went north on the CBoT, with contract prices rising across all delivery dates. However, market observers do not believe that the intact downward trend has been broken. A look at the professional investors on the Euronext/Matif shows that most of them are preparing for falling prices and have recently expanded their short positions again. Little has changed in the general market situation. International competition remains strong thanks to good harvests in Russia, Europe and Australia. At the same time, American exporters in particular continue to have a difficult time. Expectations are low for the weekly US export figures to be released today. Overall, however, the market is calm, many market participants are waiting for the publication of the WASDE report by the US Department of Agriculture on Thursday (6:00 p.m. CET). Most of the wheat prices on the cash markets were lowered yesterday. Trading activity appears to have lost volume again with the recent price setbacks.Deliveries for April and May of this year are currently being discussed, and the mills' short-term requirements seem to be covered.
Source
VR AGRICULTURAL
