On Friday, the latest uncertainty in the tug-of-war over the extension of the grain agreement caused uncertainty. The front month of May lost 3 euros to 265.50 euros/t on the last trading day of the week. Nevertheless, there is still a plus on a weekly basis, because on Friday a week ago the May contract was still at 261.75 euros/t. It has been clear since Saturday that the grain agreement will be extended. There is no clarity when it comes to the question of how long the new agreement will apply. While Russia continues to speak of 60 days, Ukraine reports a term of 120 days. In Russia itself there are continuous wheat exports of around 1 million tons per week. According to the State Statistics Service, Russia's farmers put significantly more wheat from their warehouses up for sale in February than in other years. At the weekend, representatives of Russia met with the Egyptian President. On the fringes of the conversation, it was also about wheat exports to the North African country. Since the war began, Russia has been able to export more wheat to Egypt. The CBoT went north in double digits on Friday. In Chicago, this is the first weekly profit in five weeks.Today, however, the wheat contracts on the eCBoT are heading south again before the trading day, so that the price gains from Friday have already been made up for. The turbulence in the banking sector is likely to have an impact on the commodity markets as a whole today.
Source
VR AGRICULTURAL
