Feed wheat is plentiful

For the second trading day in a row, the wheat contracts on Euronext/Matif traded with losses. The front month of December closed with a loss of EUR 1.50 at EUR 224.00/t. The March contract, which is now more frequently traded, lost 0.75 euros/t with a closing price of 229.75 euros/t. In effective trading, there is a sufficient supply of feed wheat everywhere. Particularly in the south of the Republic, lots with lower case numbers and low protein values are increasingly being offered and are causing slight pressure on supply. Bread wheat is mostly withheld by producers. However, mills are not particularly active on the market at the moment. According to the Ministry of Agriculture, farmers in Ukraine have now cultivated an area of 4.0 million hectares with winter wheat. This means that the area under wheat cultivation is roughly at the level of the previous year, but around 40 percent below the average level from the years before the Russian attack. The news of an attack on port infrastructure in Ukraine initially caused prices to develop more favorably on both sides of the Atlantic, but these were not able to hold up over the course of trading.In Central Europe, wheat sowing continues to be slow and is not completed by mid-November as usual. The contracts on the CBoT gained marginally. For the front month of December there was an increase of 0.75 US cents with a closing price of 555.75 US cents/bu (187.12 euros/t). A surprising announcement of an export deal with China for 110,000 tons of wheat provided support. The recently weaker US dollar is also providing support, although more positive economic data from the United States has strengthened the dollar slightly again. The CBoT remains closed today. Thanksgiving is celebrated today in the USA. Shortened trading will take place tomorrow, Friday.

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