Continued weak export figures for Europe

For the second trading day in a row, the majority of wheat contracts on Euronext/Matif went south. Although the front month closed unchanged at 232.25 euros/t, the subsequent contracts fell marginally. Yesterday there were also red signs on the CBoT, the December date in Chicago closed with a setback of 5.50 US cents at 570.25 US cents/bu, which corresponds to a converted rate of 195.81 euros/t. Europe's exporters were able to export 132,322 tons of common wheat last week. This means that weekly export volumes continue to remain significantly behind the average weekly volumes in this marketing year and the previous year. Overall, the export count now stands at 9.94 million tons, compared to 3.29 million tons more at this point in the previous year. Last week, only a small amount of barley was shipped to countries outside the European Union. The Ukrainian grain association UGA estimates this year's wheat harvest at 22.0 million tons, which is just below the estimate by the Ministry of Agriculture in Kiev, which assumes 22.4 million tons. The association expects exports this marketing year to be around 16 million tons.However, a safe route across the Black Sea is absolutely necessary in order to achieve these quantities. At the CBoT, the good stock estimates for the ongoing winter wheat sowing and the good sowing progress had a particularly negative impact on the prices. In addition, the US dollar also regained strength in the last two trading days, thereby creating a latent bearish mood in the US agricultural markets. The recent weak export figures are also weighing on the mood. New statistical data for September shows that wheat exports this month are 1.2 million tonnes behind last year's volume. However, premarket prices in Chicago are already eliminating the previous day's losses.

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