Wheat contracts on both sides of the Atlantic ended trading on Friday with a dark red sign. Good weather forecasts for Ukraine and southern Russia, as well as the new military escalations that were expected on the anniversary of the Russian invasion, which did not materialize, put pressure on price development. The assessment that the coming Russian harvest could be significantly lower than previously assumed did not help either. Because Russia's export prices are still particularly cheap and ensure competition from European exporters. Egypt and Jordan each awarded larger tenders to Russia last week. The losses were limited only by the weaker euro against the US dollar. In the end, the most traded May contract went south by EUR 3.75 to EUR 280/t. On a weekly basis, the May date lost 11.25 euros/t. The CBoT went south in double digits. The March contract lost 30 US cents/bu and was quoted at the equivalent of 246.69 euros/t on Friday. In particular, the strong US dollar and sales by institutional investors had a negative impact on the market development. Weekly export bookings were 338.000 tons at the high end of market expectation, but failed to halt the downtrend. There are no clear trends in wheat trading today before the market.
Source
VR AGRICULTURAL
