Euronext wheat falls to lowest level since May 2023

Wheat prices in Paris moved southward again yesterday. The December date closed 2 euros lower at 222.00 euros/t, the lowest level since May 2023. The March contract, which is now the most traded, slipped by one euro to 228.75 euros/t. A similar picture emerges on the cash markets. With the downward trend of the last few days, mills are even more cautiously active on the market for both feed grain and bread grain. At the wholesale level, feed and bread wheat are trading weaker and have also fallen on a weekly basis. Logistical problems are playing an increasing role in national trade. There is a lack of freight space, especially in southern Germany, and the rising truck toll from next month will increase transport costs even further. The stronger euro is also having a negative impact on European trade. The export figures for the last few weeks were well below the average for the individual weeks in the current financial year. Trading on the CBoT was paused yesterday, Thursday, due to the Thanksgiving holiday. Even today there is only shortened trading. Canada's agriculture agency yesterday reported cumulative wheat exports of 5.5 million tonnes for the current marketing year. This resulted in around 400.000 tons more exported than in the same period last year. The authority had previously expected an export volume of 18 million tonnes for the year as a whole, compared to 20 million tonnes in the previous year. Observers expect that the agricultural authority will soon adjust its export forecast upwards.

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