Less EU wheat expected

Wheat prices moved sideways on Euronext/Matif. The front month lost a marginal EUR 0.50 and closed at EUR 201.25/t. There was no consistent movement yesterday. On the spot markets in this country, prices are stable at the wholesale level. There is little business between producers and agricultural traders. Saudi Arabia has purchased around 795,000 tonnes of wheat as part of an international tender. Deliveries are to take place in June and July of this year. The quantities are to come from Europe, the Black Sea region and Australia, it is said. Jordan has cancelled a tender for 120,000 tonnes of milling wheat and has not accepted any of the offers received. The EU Commission recently published its harvest forecast for 2024/25 and expects a significantly smaller harvest of 121.7 million tonnes of soft wheat than last year (126.6 million tonnes). One of the reasons given for this is the smaller area under cultivation on the continent. Durum wheat production is also expected to be significantly lower at 6.7 million tonnes than in the last harvest, when 7.06 million tonnes were forecast. Prices rose yesterday at the CBoT. Although the friendly growing conditions tend to continue to be a burden, technical purchases and slightly rising prices in Russia were able to bring about a correction. Premarket electronic trading in Chicago is also showing positive trends today.

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