Following the release of WASDE on Thursday, prices in Paris continued their rise on Friday. The front month rose by 2.75 euros/t to 416.50 euros/t. The other dates are also constantly above 400 euros/t. On the CBoT, prices fell minimally after the sharp rise on Thursday. Market observers assume that profit-taking at the weekend in particular is responsible for the slight setback. India's announcement that it will suspend its wheat exports will be decisive today. The country has been suffering from a severe drought for weeks. The eCBoT is already showing very clear green signs. Depending on the delivery date, the contracts are up between 58 and 65 cents/bu. There is still no sign of relaxation in the southern US wheat-growing regions, it remains dry. Precipitation is forecast for Germany in the coming days.
Source
VR AgrarBeratung AG