Matif wheat is growing again

Yesterday, the wheat contracts on Euronext/Matif were able to interrupt their reversal. The front month increased by EUR 2 and closed at EUR 229.75/t. Renewed attacks by Russia on Ukrainian seaports on the Black Sea are causing a sensation. In the port of Reni, among other things, a warehouse and grain silos are said to have been destroyed. Despite all acts of war, an international ship docked in Odessa yesterday. In Russia, the analysis company IKAR has once again corrected a production forecast for Russia and expects a harvest of 89.5 million tons. So far ICAR had assumed 87.0 million tons. In particular, good area yields in the Wolka region have led to the plus. With the grain harvest still underway in Germany, farmers and traders are not too satisfied with the current qualities. High humidity levels are not the biggest problem. A large part of the harvest will probably be marketed as animal feed. On the CBoT, wheat prices did not show a clear direction during trading. At the end of the trading day, however, the front month showed a slight minus on the scoreboard. Real news was not presented here yesterday. Red signs are showing pre-market today.

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