On the last trading day of the week, the wheat futures in Paris closed with a green sign. The March contract gained EUR 1.50 to EUR 284.50 per ton. However, looking at the entire last week of trading, prices have fallen. The front month of March in Paris closed last Monday with a settlement of EUR 287.50/t. The euro, which fell against the US dollar on Friday, is again supporting the wheat market in Europe somewhat. Nevertheless, the price development is being slowed down by the very low prices in Russia. As already reported on Friday, Egypt recently bought large quantities in Russia at prices that European exporters cannot offer. While fob prices of around US$ 297 are currently quoted for Russia, the figure for France is EUR 323/t (US$ 348/t). Analysts expect that Russia can continue to place large volumes in exports, despite statements made a few weeks ago by President Putin and the Ministry of Agriculture on export restrictions and export quotas. Wheat, on the other hand, went south on the CBoT. The competitive situation and the strong US dollar are cited here as reasons in addition to technical sales.Pre-market, however, the contracts on the eCBoT are green today.
Source
VR AGRICULTURAL
