DRV reduces German wheat production forecast

The contracts on the Euronext/Matif closed yesterday with a green sign. September wheat rose by EUR 1.50 to EUR 229.25/t, and the follow-up contracts also increased with corresponding sales volumes. The German Raiffeisen Association published its fifth harvest estimate for this season yesterday. For wheat, the DRV has reduced its forecast compared to June and estimates it at 21.79 million tons (June crop estimate: 21.87 million tons). This would mean around 3.2 percent less wheat being brought in than was the case in the previous year. The rain, according to the DRV in mid to late June, helped many stocks, but there was no all-clear. However, there is optimism, since the barley harvest mostly produces good results, especially in western Germany and in the north-west, while things look different in the south and in the east as well as in the far north. Internationally, all eyes are once again on Ukraine. Yesterday, Russia's President Putin indicated that he intends to let the export corridor expire on July 17. However, it is unclear whether Russia will and can enforce an export ban despite the expiry of the agreement. Wheat also rose on the CBoT. In particular, the persistent heat in the spring wheat areas is supporting prices.The grain exchange in Rosario, Argentina, yesterday published a forecast for the 2023/24 season with a wheat harvest of 15.6 million tons. This puts the exchange's estimate of 1.9 million tons below the USDA's estimate in the WASDE report on Wednesday. Pre-market trends are showing positive trends today.

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