EU Commission lowers wheat forecast to 126.1 million tons

At the end of the week things went slightly south for the front month on de Euronext/Matif in Paris. In the end, the scoreboard showed a minus of 0.75 euros/t and a closing price of 233.50 euros/t. The follow-up contracts also closed with slight losses, the most traded December date ended the week at a closing price of 243.25 euros/t. A second ship has now set sail from the Ukrainian port of Odessa in international waters since the end of the grain agreement. It is not known what cargo the ship flying the Liberian flag was carrying. The high expectations of the Russian harvest, which the consulting firm Sovecon recently issued, are putting pressure on export prices in the Russian ports. As reported by the analysis company IKAR, the prices are currently at $245/ton and are thus $5/ton cheaper than a week ago. The export quantities are currently stable, with around 920,000 tons of wheat exported in the past week up to August 22nd. Around 58 percent of the Russian stocks have now been harvested. Across the Atlantic, contracts on the CBoT ended trading on marginal gains. Intentional investors are increasingly stocking up on short positions in wheat.The European Commission has lowered the forecast for the local wheat harvest by 300,000 tons compared to the July estimate to 126.1 million tons. In particular, the general weather situation in Central Europe has led to the reduction of the wheat forecast. Pre-market, slightly green signs are showing on the CBoT today

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