EU exports reached 2.3 million tonnes

Wheat did not show a consistent direction on Euronext/Matif yesterday. The most traded December contract closed with a loss of 0.50 euros/t at 233.50 euros/t. The later dates, however, recorded slight profits. The September date, which is about to expire, also closed with losses at 217.25 euros/t. Prices on the cash markets in this country have recently been under pressure. Feed wheat and bread wheat fell between one and three euros per ton yesterday. The compound feed plants continue to be well supplied for the next few weeks to months, but more deliveries are being negotiated at the beginning of the new year. From the end of this calendar year, many market participants expect demand from compound feed mills to pick up. Feed wheat franko Südoldenburg was quoted at 220 euros/t yesterday. It is said that there are enough goods available and that they are also offered in sufficient quantities. The failure of talks on a comeback of the grain agreement only partially moved the markets. Many are now hoping for Ukraine's Danube ports. In a speech yesterday, President Erdogan gave further hope that a new agreement could be reached. He would be in close contact with the United Nations.Full grain silos in the war-torn country and the upcoming sunflower harvest are putting corresponding price pressure on international prices. EU traders have until September 3rd in the current marketing year. 5.03 million tons of wheat were exported, around 2.3 million tons less than in the first ten months of the previous year. On the CBoT, wheat contracts started with slight gains after the holiday on Monday. In the USDA's crop report published after the trading session, the ministry estimates that 74 percent of spring wheat stocks have currently been removed from the fields, slightly less than the average of the last five years. Usually 77 percent has already been harvested at this point.

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