Wheat also went south on Euronext/Matif yesterday. The most traded May contract lost another euro on Tuesday, closing at 198.50 euros/t. The subsequent contracts mostly also had red signs. On the other hand, prices on the CBoT increased on the second trading day in a row. Yesterday the EU Commission published new export data, but pointed out that due to technical problems, data from Ireland was missing for the entire marketing year. By February 22, 2024, the EU member states had exported 20.49 million tons of common wheat. Last year it was 21.14 million tonnes at this time. This means that the gap to the previous year has recently narrowed. In the current marketing year, Germany was able to ship 1.9 million tons of wheat and 352,512 tons of barley, as well as around 60,000 tons of rye exports that went to countries outside the EU. France is again the top exporter within the EU-27 with 5.6 million tonnes, followed by Romania with 4.9 million tonnes. Recently, China in particular has shown renewed interest in EU grain. Sales on the cash markets remained manageable at the beginning of this week. Regionally, buyers are no longer actively looking in the market. Collection traders sometimes complain about high losses of their ex-harvest goods. Market participants are hoping for drier weather in the coming days for the coming harvest. The weather forecast suggests this. Last week's good export shipments supported trade on the CBoT. It was also announced that South Korea purchased part of its order of 172,300 tons of wheat from the USA. Canada and Australia are contributing additional quantities to the tender. There is no clear direction in electronic trading on the CBoT today before the trading session.
Source
VR AGRICULTURE
