09.
11.23
08:29

Civilian freighter shot at in Odessa - wheat prices rise

After the setbacks of the past few days, wheat went north again yesterday. The December date on Euronext/Matif increased by 3.50 euros and closed at 235.75 euros/t, and the subsequent contracts also had green signs. Trading on the cash markets remains manageable, with prices traded also rising slightly yesterday. The prices are primarily reacting to a shelling by Russia on a ship in Odessa, Ukraine. A freighter carrying Ukrainian iron ore to China was reportedly hit by a missile. Russia itself made further news yesterday. As the Ministry of Agriculture in Moscow reported, the export quotas are to be maintained. In the period from mid-February to the end of June 2024, wheat exports may not exceed 24 million tons. In total, the ministry expects a grain export volume of 65 million tons, including corn and barley. In addition, export duties are said to have been reduced, there is no longer any export duty for barley, and around 45 euros/t are due for wheat, which corresponds to a decrease of 8 percent. In contrast to the European export data, the Canadian ones are friendly.In the first two months of the current season, Canada's exporters were able to export around 3.4 million tonnes of wheat, which corresponds to an increase of almost 25 percent compared to the same period last year. On the CBoT, wheat rose by a significant 22 US cents in the front month of December due to general geopolitical tensions. For today's WASDE, the majority of analysts expect US ending stocks to fall slightly. The global final stocks are also estimated to be somewhat lower. Pre-market prices are trending in the red, but the significant gains from the previous day are not being eroded.

Source
VR AGRICULTURE
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