IGC expects less wheat cultivation in Europe and Russia

The contracts on the Paris stock exchange ended yesterday's trading day somewhat firmer. After the very significant losses on Friday, wheat rose by 0.75 euros to 216.75 euros/t in the front month of March. The subsequent contracts also had green signs, with the March date closing at 220.75 euros, 0.50 euros per ton higher. There were no specifications from the USA yesterday because the CBoT remained closed due to Martin Luther King Day and will only start trading again today. European market participants are looking forward to the announcement of the results of a tender from Algeria. Although the country had put out a relatively small amount of 50,000 tonnes to tender, market participants still expect this to provide signals about the competitiveness of the European Union. Offers from the Black Sea should also be available. Offers can still be submitted today. The International Grain Council has released an initial estimate for the coming season and expects global wheat supply to be lower. For the European Union, the panel assumes that the area under wheat cultivation will be 2.3 percent lower due to the adverse sowing conditions in many countries.A smaller wheat area is also expected for Russia. Ukraine announced fresh export figures for the first half of January. Accordingly, 500,000 tons of wheat and 1.38 million tons of corn were exported. Since the beginning of the season, the export count for wheat has reached 8.1 million tons. In Friday's WASDE, the USDA increased the Ukrainian wheat harvest by 900,000 tons to 23.40 million tons. This also increases the export potential from the previously expected 12.5 million tons to now 14.0 million tons. Russia's export potential has also been increased. The USDA expects exports of 51 million tons of wheat here.

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