After a long time, the Matif showed green signs for wheat prices again. The May date gained EUR 2.75/t and closed at EUR 286.00 per ton. After the still solid but less dynamic export figures of the European Union of 17.6 million tons, market participants are quite satisfied with good EU exports, but international competition remains. France's Ministry of Agriculture calculates that French wheat exports should amount to 10.6 million tons this marketing year. That is 300,000 tons more than the ministry had previously forecast and is therefore also more optimistic. The Russian consulting firm ICAR has also announced increased export forecasts. The analysts there are expecting Russian exports of 45.5 million tons, which is 1.5 million tons more than the last ICAR estimate. Wheat contracts on the CBoT could not maintain their trend reversal and fell across the board. Announced rains in the Great Plains should help winter crops and improve condition assessments. Pre-market, the eCBoT is showing red signs again today.
Source
VR AGRICULTURAL
