IGC expects higher ending wheat stocks

The friendly trends in wheat did not last long. Yesterday the December contract on Euronext/Matif went south by 2.25 euros to 236.25 euros/t. Overall, the agricultural and raw materials markets were under selling pressure yesterday. In Ukraine, the first ship under the grain agreement completed the route to and from the port of Chernomorsk and set course for Israel with 3,000 tons of wheat on board. A solution is emerging in the dispute between the neighboring Eastern European countries and Ukraine. Ukraine has announced a compromise that will regulate the transit of Ukrainian agricultural goods to the satisfaction of the affected countries. In its updated production forecast, the International Grain Council (IGC) has revised the global harvest downwards by 600,000 tonnes to 783.50 million tonnes. At the same time, global consumption and export demand were also corrected, so that final stocks are likely to increase by 1.7 million tons to 262.6 million tons compared to the last estimate. Wheat also went significantly south on the CBoT. Weekly US export sales are up another 130 at 307,000 tons.000 tons lower than in the previous week and thus had a negative impact on wheat price developments. The actual shipments were also around 17 percent behind the average shipping volumes of the previous weeks. On the local cash markets, the price pressure on feed wheat is easing somewhat, especially in southern Germany. The supply has decreased significantly, also because farmers are hardly willing to sell goods under the current conditions.

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