Wheat prices jumped sharply into the black yesterday. The front Monday rose by 5.50 euros/t to 267 euros/t. The correction was supported by a tender from Saudi Arabia as well as reports that Tunisia and Algeria had also tendered and booked larger quantities. Prices for bread wheat and feed wheat continue to fall on the spot markets. As it became known tonight, the representatives of Russia and the UN have agreed on a 60-day extension of the grain agreement. This means that merchant ships can continue to safely transport agricultural goods across the Black Sea after March 18. The fact that the agreement was only extended by 60 days is met with criticism in Ukraine. In addition, President Zelenskyj commented on the rented fields in a video speech. According to his statements, more than 170,000 square kilometers are affected by mines and unexploded ordnance and cannot be managed. On the CBoT, wheat prices continued their recovery, but came under some pressure from the mild turmoil in the US banking landscape. At the end of the trading day, however, the contracts were still able to close with a profit.
Source
VR AGRAR
