Grain exchanges reduce wheat forecast for Argentina

Wheat prices also rose on both sides of the Atlantic on the last trading day of last week. The front month of December on Euronext/Matif closed 1.25 euros higher at 233.50 euros/t. Prices for feed wheat and bread wheat also rose on the cash markets, and barley also closed slightly higher. In Central Europe, large amounts of rain have recently fallen, which is causing disruptions where winter wheat sowing is in full swing. In France in particular, observers report that sowing has fallen significantly behind. Russia's wheat export prices have recently stabilized. This is also due to a stronger ruble. Wheat exporters are required to promptly exchange foreign currencies for rubles, which has bolstered demand for the currency. Export volumes have fallen slightly again and were around 0.99 million tonnes last week, which is well behind the high values at the beginning of the season, but is still in line with the long-term average volumes. It is also reported that the Russian government will donate 200,000 tons of wheat to African countries as part of the World Food Program.The government in Moscow has confirmed the Ministry of Agriculture's plans and banned the export of durum wheat between December and May. The Buenos Aires grain exchange lowered the wheat forecast for Argentina on Friday by 800,000 tons to 15.4 million tons, citing frost damage in some regions of the country. The second exchange in Argentina, in Rosario, expects wheat production of 14.3 million tons; the USDA had recently forecast 16.5 million tons and thus issued significantly higher estimates. That's why market participants are looking forward to the upcoming WASDE report, which will be published on Thursday. A weaker US dollar and positive guidance for corn and US financial markets provided additional support to prices on the CBoT. However, before the trading session, there are again declining trends in electronic trading in Chicago.

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