India raises wheat reference price

Particularly in late trading, wheat on Euronext/Matif gained value yesterday and closed not only 4.50 euros higher at 240.50 euros/t, but is also back at a price level that was last seen three weeks ago. The price development is driven in particular by international trade. The latest export data from the EU Commission shows that demand for wheat remains more subdued. That limited the prices a little upwards. India reports raising the minimum price for domestic wheat. The government wants to encourage farmers to expand the area under cultivation. Market observers also expect the government to release state reserves and reduce import tariffs. At the CBoT we also headed north. The December contract closed at 580.23 US cents/bu (202.32 euros/t). After China's order last week, traders continue to hope that demand from China will pick up. However, this seems to continue to be predominantly supplied with grain from Australia. Wheat is also firmer again today before the trading session. The signs in pre-market trading in Chicago are green.

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