On the last trading day of the past week, fundamental data from the wheat market was hardly an issue in trading on Euronext/Matif. The topic of Ukraine also dominated the CBOT trade. Critical voices about the current export agreement came from Russia. Several Russian officials had questioned an extension because of their own hurdles in their export deals. The Russian attack on a bridge in the port city of Odessa, which is important for exports, and intensified offensives by the Russian army are also causing doubts among market participants that Ukraine could remain an export player on the market in the long term. Most recently, the Ministry of Agriculture in Kyiv criticized Russia for deliberately delaying export inspections in Turkey. Export prices in Russia have recently improved again. As the analysis company IKAR reported, wheat with a protein content of 12.5 percent is now traded below the 300 dollar mark. As a result of the new tensions, Matif wheat moved north by EUR 5.25 in the front month of March 2023 to a closing price of EUR 297.00/ton. in Chicago, wheat climbed 28.75 cents a bushel.The closing rate here was 786 US cents/bu, which corresponds to a converted rate of 270.47 euros per ton. Pre-market, the eCBoT is slightly weaker in the new trading week today.
Source
VR AGRICULTURAL
