IGC raises wheat forecast

On the Euronext/Matif, December wheat went north by EUR 10.00 per ton to EUR 349.25. The CBoT also went for the wheat dates with gains from trading. Yesterday there was quite a bit of news that would have caused prices to fall under different circumstances. However, the partial mobilization in Russia and the worsening situation on the Black Sea are the dominant topics on the two stock exchanges and on the cash market. US wheat exports this week hit 183,500 tons, significantly disappointing market expectations. The International Grains Council has increased its estimate for global wheat production by 14 million tons to 792 million tons, 10 million tons more than last year. According to reports from Russia, storage space is becoming scarce there due to the bountiful harvest. On the spot markets in Germany, prices for wheat have recently also increased. The euro, which has fallen again, also supports the competitiveness of European wheat.