The recovery in wheat prices on both the CBoT and Euronext/Matif ended quickly. The March date lost 3 euros and closed yesterday's trading day at 302.50 euros/t. France's agricultural agency FranceAgriMer yesterday raised its own forecast for French wheat exports by 300,000 tons to 10.3 million tons. The authority's current estimate is around 17 percent above the previous year's result. France is hoping for better demand from China and Morocco in particular. In addition, the acreage for winter wheat is said to have grown to 6.71 million hectares, which would be 1.2 percent more than in the previous year. Yesterday's report that the Russian Ministry of Agriculture intends to increase the current export quota at the end of the season caused bearish news. At the CBoT, mainly profit-taking started yesterday. The winter wheat stocks in the USA, which have been plagued by drought so far, could gain significantly in yield potential due to a storm front, which put prices under pressure accordingly. The Argentine grain exchange in Rosario again reduced its forecast for the local wheat harvest yesterday. The forecast is now at 11.5 million tons, which is another 300,000 tons lower than last week.Pre-market, the wheat contracts on the eCBoT can make up for the losses from the presentation today.
Source
VR AGRICULTURAL
