Wheat prices on both sides of the Atlantic remained under pressure yesterday. On the Euronext/Matif, it fell by EUR 2.00 to EUR 344.25 in December. In Chicago, the December contract lost $22.50 cents/bu and is quoted at the equivalent of EUR 328.06 per ton. The tensions in Ukraine surrounding the sham referendums and partial mobilization are currently playing a subordinate role on the market. Instead, market participants are looking at the lavish Russian harvest. In its quarterly report, the EU Commission raised the figure from 88.8 million tons to 95.0 million tons, the consulting firm Sovecon is even more optimistic and corrected its estimate to 100 million tons. In addition to the prospects in Russia, concerns about the economy continue to play a role on the CBoT. The continued strengthening of the dollar is also burdening the export opportunities for the Americans. The weekly export shipments published yesterday already indicate this. In the week ended September 22, 520,464 tons of wheat were loaded for export, down 37.8 percent on the previous week. Pre-market prices are again more friendly at the CBoT today. However, the losses of the lecture are not made up for.
Source
VR AgrarBeratung AG
