Wheat prices also showed very significant losses yesterday. The front month of March lost 6 euros to 281 euros/t. The cash markets are also going south for bread and feed wheat. Fodder wheat ffr. Yesterday, Südoldenburg was given EUR 287 per tonne, which is EUR 5 less than the day before. In the Egyptian tender, Russian exporters were awarded the lowest bid by far. According to dealer statements, France's bids were the most expensive. The fact that important and large importing countries in Africa and Asia have recently been reluctant to issue larger tenders is also causing a burden. Market participants are looking forward to the upcoming negotiations to extend the grain corridor in Ukraine. The government in Kiev would like to extend the agreement by at least one year, and critical voices regarding an extension have recently come from Russia. In his speech on Monday, President Putin emphasized the importance of the efficiency of Russian agriculture and, unlike previously, set high export targets for his country. Recent NASA satellite readings confirm suspicions that Russia harvested large quantities of Ukrainian wheat.According to the evaluations, the stolen quantity is likely to be 5.8 million tons, which is equivalent to around 1 billion euros in talks. Wheat fell by double digits on the CBoT. In addition to the great competition on the export market, the stronger US dollar also weighed on the mood of market participants and pushed concerns about the state of winter wheat stocks into the background. The Chicago wheat future is showing no clear direction in premarket trading today.
Source
VR AGRICULTURAL
