The contracts on Euronext/Matif suffered a significant daily loss at the start of the week. The March contract lost EUR 5.50 and ended the trading day at EUR 279.25 per ton. The other contracts are each quoted below the leading March date. On the cash markets, the prices at the beginning of the week are also weaker. Bread wheat carriage paid in Hamburg is quoted at 208 euros/t today, and carriage paid in the Upper Rhine region is quoted at 306 euros. Fodder wheat in Südoldenburg for delivery in March is currently quoted at 302 euros/t. The forecast service MARS of the European Union certifies good winter wheat stocks in Europe, but emphasizes the risk of the crops for renewed cold waves. Due to the very mild temperatures so far, the stocks are vulnerable. According to the consulting firm Sovecon, Russia exported 800,000 tons of wheat last week, 130,000 tons more than in the previous week. On the other side of the Atlantic, wheat prices also fell very significantly. Precipitation and snow in the Midwest wheat-growing regions created selling pressure and after the dry months after sowing, the crops are benefiting from rainfall, which is also forecast for the coming days.US export shipments in recent weeks have also been lower than expected. In an initial forecast, the Ministry of Agriculture in Canada estimates the wheat harvest for 2023/24 at 34.3 million tons. Due to an increased area under cultivation, around 0.5 million tons more are likely to be taken from the fields compared to the previous harvest. Premarket, CBoT contracts recovered slightly.
Source
VR AGRICULTURAL
