Fighting causes wheat prices to rise

On day 1 after the publication of the September WASDE, wheat rose significantly on Euronext/Matif. The December date increased by 6 euros to 238 euros/t. But the reduced ending stocks and production forecasts were a small factor in the growth of Matif and CBoT. Renewed attacks by Russia on Ukrainian ports, which are important for grain exports, fueled prices yesterday. Since Ukraine is now also deliberately attacking Russian export infrastructure, many market participants are reassessing the global supply situation. Wheat prices have recently been under pressure due to the high harvest volumes and low export prices in Russia. With the attacks, this situation could now change. According to reports, Bangladesh has purchased 300,000 tons of wheat from Russia and Iran is also said to have purchased a total of 240,000 tons of milling wheat from Moscow in several tranches. Wheat was also traded somewhat more strongly on the local cash markets yesterday. Feed barley also benefited from the price increase on the stock market. The willingness of agriculture to donate varies. Good qualities in particular are withheld. In southern Germany, it is reported that producers are storing more wheat than in the previous year.Mills and feed mixers, for their part, are currently only active on the market to a limited extent and are largely well supplied. Wheat on the CBoT went north by 9.75 US cents to 597.25 US cents/bu (equivalent to 204.48 euros/t) in the most traded December date yesterday. This morning, however, wheat prices in Chicago are trending weaker again.

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