Grain deal dominates wheat trade

The momentum of Matif wheat gains has slowed. After the high daily profits this week, the December date went north by EUR 1.50 to EUR 328.50/t yesterday. All market participants are looking at the Black Sea with excitement. The first ship with grain is scheduled to leave the port today. Representatives of the United Nations confirmed this, but were also critical, since some details of the negotiations had to be clarified. The wheat harvest in this country runs smoothly and silently. In Lower Saxony, rural folk report harvest progress of 50% of the total stocks. The average yields are 8 t/ha. However, in regions of Lower Saxony that are severely affected by drought, only 4 t/ha are taken from the fields. The protein content, which is between 8.5 and 11.5%, causes problems here. The USDA expects a wheat harvest of 31 million tons for Australia. Although this is significantly less than in the previous year, it would still be the fourth largest harvest in the country's history. Rainfall is currently supporting wheat sowing in Argentina. After the price gains yesterday, the CBoT is also showing rising price trends today.