France's wheat stocks rated slightly better

The wheat recovery could not continue on the last trading day of the past week. Prices in Chicago and Paris trended lower. The most traded May date on Euronext/Matif fell back below the psychologically important mark of 200 euros per ton. With a loss of 0.75 euros/t, it went south to 199.50 euros/t. France's agricultural authority has increased the condition assessment of wheat stocks there by one percentage point to 69 percent. This means that the condition grades remain at a four-year low. The protests by Polish farmers continue, but are increasingly not only directed at low Ukrainian grain prices, but are also expanding to include other EU regulations on climate protection. A 24-hour protest was started at the Frankfurt/Oder border crossing. Polish farmers reportedly destroyed 160 tons of grain from Ukraine in a Polish train station. Police investigations are ongoing. On the CBoT, weekly export sales published on Friday disappointed. With 233,500 tons sold, even the most pessimistic analyst estimates were missed. Physical shipments of US wheat are also currently below expectations and the average volumes of the last four weeks. Price competition continues to come from the Black Sea. It is said that export prices there have continued to fall. Premarket contracts until December 2024 are trending slightly friendlier this morning.

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