France's winter wheat stocks in very good condition

On Friday, wheat prices on Euronext/Matif continued their downward trend, which has been ongoing since the beginning of November. The most traded March contract lost 4.75 euros/t and closed the trading week at 307.75 euros/t. Since November 1, the contract has lost 44 euros per ton in value. The better global wheat supply situation due to the extended grain agreement continues to put pressure on prices. The French Ministry of Agriculture rated 98 percent of winter wheat stocks as good to very good. On the other side of the Atlantic things also went further south because of the better global supply of wheat. The contracts on the CBoT lost over all trading dates. For Argentina, the grain exchange in Rosario expects the country's lowest wheat exports in more than eight years. Statistics Canada lowered its wheat forecast last week to 33.82 million tons, down three percent from the September forecast. In Canada, there has recently been a lack of heavy rainfall. Pre-market, the contracts on the eCBoT from the March 23 delivery date are showing a slight green sign.