Export hopes in Europe

The rebound in wheat was short-lived. After very positive developments on Tuesday, yesterday's trading session ended in red again for wheat. The front month of March closed with a setback of 0.75 euros. For the May contract, which now has the highest sales, the price went south by 1.75 euros/t to 197.50 euros/t. First and foremost, the large supply from Russia and the low prices from Ukraine remain the main cause of the price burden. But profit-taking also pushed prices down yesterday. In tenders from Morocco and China this week, it was reported that traders from Europe were able to prevail over Russia with favorable prices, which provided a boost, especially on Tuesday, but did not continue yesterday, Wednesday, due to the overall critical export situation from a European and American perspective . Jordan is active on the market with a tender for 120,000 tons, and European exporters are also hoping for surcharges here. Due to technical problems, there are still no fresh export figures from customs statistics. On the CBoT, the front month saw slight gains, but the other dates closed with setbacks. Here too, profit-taking in the significant increases on Tuesday is partly cited as the reason. The most traded May date closed yesterday at 578 US cents/bu (196.28 euros/t), a loss of 1.25 US cents. In the state of Texas, the condition of winter wheat crops has deteriorated somewhat again. Currently 40 percent are seen as being in good or very good condition, two percentage points less than a week ago. The bears have the upper hand in trading again before the market.

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