At the start of the new trading week, wheat also went south. The most traded March date on the Euronext/Matif lost EUR 3.75/t and closed at EUR 304.00 per ton. The follow-up contracts and the December date, which is about to expire, lost even higher in some cases. In particular, the currently good global supply situation is putting pressure on prices. The drought reports from Argentina and the Canadian harvest, which has been corrected downwards, do little to change this. With its large wheat harvest, Russia is increasingly entering the world market. According to the analyst firm ICAR, Russian export prices fell again by 2 US dollars per ton fob in a weekly comparison. In addition, Sovecon reports that Russian exports last week amounted to around 1 million tons and were therefore particularly high for this time of year. This news dragged US prices down as well. Accordingly, the CBoT wheat contracts lost double digits.
Source
VR AGRICULTURAL
