Euro supports Matif wheat

The CBoT remained closed yesterday due to a US holiday. Pre-market signs are green in Chicago this morning with the start of trading. On the Euronext/Matif, wheat prices recovered and, with the exception of the front month, were able to gain and make up for Monday's losses. Support came from the further weakening euro, which further improves the competitiveness of European wheat. In addition, trade is supported by speculation that the Ukrainian winter wheat area will again shrink significantly. The industry association there fears a decline of up to 40 percent. Russia's prices have fallen again by 5 US dollars per ton compared to the previous week, as reported by the consulting firm IKAR. Australia is expecting a crop volume of 32.2 million tons for the forthcoming winter harvest. If the value is correct, that would be a significant improvement compared to the average of the past five years.