China buys US wheat

On the last trading day of last week, wheat prices were able to close in the profit zone again. For the December date in Paris, the price rose by 4 euros/t to 237.25 euros/t, the subsequent contracts increased to a somewhat smaller extent and the spot markets also saw prices up by up to 4 euros/t on Friday at the wholesale level for bread and feed wheat. In Europe, the market is being strengthened primarily by reports from Russia. According to the consulting firm Sovecon, the momentum of Russian exports has slowed significantly. The Ministry of Agriculture is encouraging exporters to comply with minimum prices, which is affecting Russians' competitiveness. The harvest in Russia is slowly but surely coming to an end. According to bunker weight, around 91 million tons of wheat are said to have been brought in. Europe's exporters are also benefiting from the more favorable euro/dollar exchange rate. Fresh inflation figures from the USA had put the US dollar under pressure; in early trading today the common currency was trading at 1.0527 US dollars/euro. There was a significant price increase on the CBoT. According to the USDA, Chinese buyers have booked 181,000 tons of wheat in the USA.Recently, China hardly bought any of its wheat from the USA; the last large order was two years ago. The Buenos Aires grain exchange has reduced its forecast for the coming wheat harvest to 16.2 million tons, or 2 percent. There is still a lack of rainfall in Argentina. Harvesting in Argentina starts around mid-November. Pre-market contracts in Chicago are starting the new week with a green sign today.

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