Cold wave comes into focus

Wheat prices recovered somewhat yesterday from the downward trend of the past few days. At the closing bell, the March contract showed a daily gain of its euro on the scoreboard. Closing price was 219.50 euros/t. The current cold spell in many parts of Central Europe has hardly played a role recently, but yesterday it seemed bullish. Frost damage is also increasingly feared in the Black Sea region. EU export figures continue to show rather weak international demand. By January 7th, 18.83 million tons of wheat had been exported to third countries; last year it was 17.75 million tons at the beginning of January. Morocco leads the list of importing countries with around 2.24 million tons. Germany was able to export 1.38 million tonnes in the current season by the deadline. Romania leads the list of export nations by far. Egypt is on the market with an international tender and is looking for 420,000 tons of milling wheat. Suppliers from Ukraine and Russia are considered to have good opportunities here. Things also went up for wheat on the CBoT. Concerns about frost damage in Europe and on the Black Sea were also among the reasons for the increase.But technical purchases and sales due to the setbacks of the past few days are also cited as reasons. For the upcoming WASDE, analysts expect a reduction in US winter wheat area compared to the previous year. Before the market, the wheat contracts in Chicago cannot maintain their tailwind from yesterday and are trending in the red up to and including the delivery month of December 2024.

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