China imports less wheat

The pressure on the wheat market continues. Prices fell again yesterday after a brief recovery on Monday. The front month of March closed one euro lower at 223.00 euros per ton. There are also downward price trends on the cash markets. At the wholesale level, bread and feed wheat fell by an average of 2 euros per ton. Trade overall is manageable, smaller lots are still traded here and there, franko Südoldenburg feed wheat is currently priced at 216 euros/t, deliveries between January and March 2024 are traded at around 220 euros/t. For the first quarter, many market participants are also expecting new offers from Poland and the Czech Republic, which will usually be offered at lower prices. Europe has until December 17th. 13.98 million tonnes of wheat could be exported in the first 25 calendar weeks of this marketing year. That is 2.56 million tons less than at this time last year. Egypt has purchased 480,000 tons of wheat in a tender for delivery in February. According to reports, these quantities come entirely from Russia. Things were looking up for wheat on the CBoT yesterday. The front month of March closed 5.75 US cents higher at 622.75 US cents/bu (208.34 euros/t).The weaker US dollar provides support, but overall many market participants see the recent upward movement as having technical reasons rather than fundamentals. Because export demand continues to weaken. The USA played no role in the most recent tender from Saudi Arabia and Chinese import data shows that their demand is also declining. As China's authorities announced yesterday, 660,000 tons of wheat were imported in November, compared to 1.01 million tons in November of the previous year. Overall, China has imported around 29.4 percent less wheat in the eleven months so far this year than in the same period in 2022.

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