France's wheat stocks are expected to be higher

In the middle of the week, wheat on Euronext/Matif went south by 3.50 euros for the front month. The December date closed at a rate of 228.25 euros/t. The estimates of the French agricultural authority FranceAgriMer in particular had a negative impact on price developments. Due to the current weak export demand, the authority expects final stocks of 3.06 million tons at the end of the season, which would be the highest value in the last six years. FranceAgriMer previously assumed 2.78 million tonnes. Although increased demand from third-party crops is still expected, shipments within Europe are likely to be lower from the previously expected 7.33 million tons to 6.79 million tons. The euro has also regained ground against the US dollar, thereby limiting its competitiveness somewhat. An agreement between the Ukrainian government and insurance companies from Great Britain has been officially confirmed, which includes a reduction in insurance premiums for military attacks on grain carriers. The Ministry of Agriculture in Kiev also announced that winter wheat has now been sown on an area of 3.97 million hectares.The government assumes a total wheat area of 4.36 million hectares. This means that the government estimates contradict the latest statements by the Ukrainian Grain Association, which this week reported a winter wheat cultivation area of 3.08 million hectares. Despite the terminated grain agreement, Ukraine has now brought 4 million tons of grain out of the country via the alternative sea route, according to President Zelenskyj on social media on Tuesday. At the CBoT things also went south because of the reports from Europe. Dry growing conditions in Oklahoma and Kansas as well as in northern Texas continue to limit losses. There were slight price setbacks in Chicago this morning in pre-market trading.

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