At the end of the last trading week, wheat prices were slightly firmer in the first two dates, but overall the contracts closed inconsistently. The leading March contract went north by 1.25 euros/t to 295 euros/ton. Little has changed in the fundamental situation in the wheat market. Concerns that the grain corridor for Ukraine will not be extended remain. At the security conference in Munich, the President of the World Food Program again warned very emphatically of the consequences of a spill, especially for African countries. It is still too dry in the main growing areas in the USA. The most recently published condition assessments were low and are likely to negatively impact crop quality. Last week, the International Grains Council (IGC) ventured an initial forecast for the coming 2023/24 harvest. Compared to the current season, the harvest is likely to be 1.1 percent lower, but exceed the four-year average. A declining cultivation area is seen above all in Russia, but the EU area will also be 100,000 hectares smaller than in the previous year.Wheat contracts also found no clear direction on the CBoT, with profit-taking from recent movements dominating here. The US stock exchanges will remain closed on Monday.
Source
VR AGRICULTURAL
