Export competition remains a major issue for wheat

Wheat prices remain under pressure. The most traded May continued to fall and closed yesterday's trading day with a loss of EUR 3.50 at EUR 194.75/t. The front month of March closed just above the 200 euros per tonne mark at 200.25 euros/t. The cash markets also showed weaker price trends at the start of the week. Bread wheat for March 24 is quoted at wholesale level in Hamburg at 206 euros/t. For feed wheat it is still 204 euros/t. On the Upper Rhine, bread wheat prices have already fallen to 196 euros/t and the 200 euro mark. This means that wheat prices are at the same level as they were last two and a half years ago. The reasons for the pressure to sell have changed little. In Russia, export prices have recently fallen further, putting pressure on prices in Europe. Since wheat stocks in Russia were, as reported, estimated to be very high, price pressure is likely to continue. The Ministry of Agriculture has already brought an increase in export quotas into play. In addition, the competition comes from Ukraine. In the most recent tender from Egypt, 120,000 tonnes from Ukraine won the contract out of an order of around 180,000 tonnes. Romania is contributing a further 60,000 tonnes. French and Russian export offers were too expensive here. There was no trading on the CBoT yesterday, but with the start of pre-market trading there are weaker prices today. Wheat loses here across all dates.

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