EU exports 10.8 million tons of common wheat

Yesterday wheat went south on Euronext/Matif. The December date closed with a setback of 2.00 euros at 231.75 euros/t. This wiped out Monday's gains. At the start of the week, the contract was still up by 1.50 euros per ton. There is predominantly a sideways movement in traded prices on the local cash markets. The producers' willingness to provide supplies covers their needs. Mills are primarily asking for dates in the new year, while concentrated feed plants are still only active on the market for short-term needs. After the insurance rates and freight rates for Ukraine rose significantly last week due to the attack by a Russian missile on a civilian freighter, the governments in London and Kiev have apparently negotiated a discount mechanism to explicitly reduce the insurance rates for the freighters. With this, both countries hope for secure deliveries and, above all, supplies through Ukrainian agricultural goods deliveries. The EU Commission's weekly export figures continue to indicate weak export business. In the current season, 10.8 million tons have now been shipped, compared to 13.6 million tons last year.New inflation figures from the USA have also caused the euro to appreciate again. The reference rate was set yesterday by the ECB at 1.0724 US dollars; on Monday it was 1.0670 US dollars per euro. Wheat contracts on the CBoT also trended weaker after the friendly start to the week. Overall, there was a lack of news on the CBoT, so that the increased wheat forecasts from WASDE created a bearish mood. Premarket contracts in Chicago are trending slightly weaker again today.

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