Cold wave causes wheat prices to rise

On both stock exchanges, wheat prices were able to stop their downward trend yesterday and end the trading day with noticeable increases. On Euronext/Matif the front month rose by 2.00 euros to 221.25 euros/t. The following May date also closed higher at 225.75 euros/t. Apparently, many stock market participants still seem to be on the Christmas and New Year holidays. The trading volumes are still relatively low. Current weather reports are driving up prices. An arctic cold wave is now expected to hit Russia and Ukraine, and cold temperatures are also forecast for Central and Eastern Europe. After the wetness of the last few days and the threat of frost, many market observers are worried about the quality of the wheat stocks in the fields. The situation on the cash markets remained calm and manageable at the end of this week. At the wholesale level, prices for bread and feed wheat fell slightly. Barley is also traded somewhat weaker again. On the CBoT, the front month rose by 13.25 US cents/bu to 613.50 US cents/bu and was therefore also trading firmer again at the equivalent of 205.90 euros/t. Frost and snow are also forecast for many growing areas in the USA in the coming days.Domestic logistics in particular could face problems. Potential losses in yield are feared but not yet expected on a large scale. Because of the New Year holiday, the USDA will not publish fresh export sales for the past week until this Friday. Analysts assume 150,000 to around 450,000 tons of wheat will be sold. Pre-market signs on the CBoT are glowing green this morning.

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