After days of losses, wheat contracts in Paris were brighter yesterday. The most traded May date rose by EUR 3 to EUR 275.50 per tonne. The impulses for this price movement come primarily from the Black Sea. The grain agreement expires on March 18th. Negotiations for the extension have not yet started as expected. At the G20 meeting in New Delhi, Russia's Foreign Minister Lavrov once again criticized the agreement and doubted that a quick amicable solution would be reached that would make an extension possible. In particular, the Western sanctions against Russia's economy are cited as a reason and an abolition of Western sanctions against Russia is mentioned as an essential condition. Contracts on the CBoT also rose yesterday. Here, too, the news about the grain agreement in particular contributed to the upward movement. US exports continue to be subdued, with only 300,900 tons of wheat sold for export last week and 610,000 tons actually shipped, which is a significant increase compared to shipments in the previous week.For Australia, the Graincrop group expects in an initial forecast for the coming 2023/24 season that the harvest could be significantly lower than in the last two years. The company expects a harvest volume of 25 to 26 million tons, in the current financial year the harvest is provisionally 36.6 million tons. Pre-market, wheat on the eCBoT is heading south again this Friday.
Source
VR AGRICULTURAL
