For the new front month of May, prices went south by 1.75 euros/t last Friday. The momentum of the price setbacks has thus noticeably decreased. At the closing bell, the May contract was trading at EUR 261.75 per tonne. The weekly loss is thus 13.50 euros/t. Cheap Russian offers and the prospect of an extension of the grain agreement are still putting pressure on price developments. Signals for the extension are expected today as officials from Russia and the United Nations meet in Geneva today to negotiate the deal. Turkish government officials expressed optimism on this issue on Friday. Algeria is currently looking for 50,000 tons of wheat in a new tender, which is taken as a sign of weakening demand, as the country usually places significantly larger tenders on the market. On the cash markets here, it is increasingly being said that farmers will transfer their harvest to the new harvest. Mills in particular are showing less interest at the moment, since the demand for flour is also clearly underdeveloped and is weaker than in previous years.The wind turned on the CBoT and the courses were able to increase in double digits on Friday. On the one hand, the slightly weaker US dollar provided a boost, on the other hand, bargain purchases are suspected to be behind this correction. The upswing from Friday does not last in premarket trading today. Contracts on the CBoT are glowing slightly red this morning.
Source
VR AGRICULTURAL
