EU wheat exports at 4.48 million tonnes

Yesterday, Wednesday, wheat prices rose slightly again on both sides of the Atlantic. On Euronext/Matif it went north by 2.25 euros/t to 238.50 euros/t for the December date. The content of the talks between Turkey and Russia is now becoming more concrete. The foreign ministers of both countries are meeting today and tomorrow to talk about various issues, including a solution to the grain supply. From the Russian statements it can be seen that Russia is primarily focusing on its exports and that Ukraine could probably be left out of a new grain agreement to secure world food supply. Up to and including the 9th calendar week (until August 27, 2023), the EU states were able to export a total of 4.48 million tons of common wheat. This is significantly less than at the same time last year, when 6.31 million tons were already shipped. Morocco is the largest buyer of EU wheat, with around 915,000 tonnes, followed by Algeria. On the cash markets, there are reports of better demand from concentrated feed plants, especially in western and northern Germany, which primarily relates to deliveries in the fourth quarter.However, producers are currently not very willing to sell because of what they see as the weak level. Internationally, prices are also supported by expectations for the Canadian harvest. As previously reported, Statistics Canada expects a 14 percent lower wheat harvest this season. In the USA, there are currently logistical restrictions due to low water on the Mississippi. Transports to Mexico in particular are significantly affected. Chicago wheat futures are weaker today premarket.

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