Wheat prices on the Euronext/Matif n Paris also went clearly north on yesterday's trading day. The front month of March 23 rose by EUR 5.25 per ton to EUR 293.75/t. The follow-up contract is just below that. The increases were lower for the dates of the coming harvest. EU wheat exports have slowed on a weekly basis. Currently, however, 19.04 million tons were exported in the current financial year, which corresponds to an increase of around seven percent compared to the previous year. In the case of the Algeria tender, EU traders apparently played their part, giving prices support. In addition, the recently more favorable euro-dollar ratio is providing momentum. On the CBoT, wheat went mixed for the second day of trading this week. Before the publication of the WASDE, which will be published by the US Department of Agriculture at 6 p.m. today, traders are waiting. Although unfavorable status assessments, particularly in the southern US growing regions, provide support, analysts expect US wheat stocks to increase in the WASDE report. In Canada, wheat stocks as of December 31 increased significantly compared to the previous year. According to the Canadian statistics agency, these amount to 22.3 milliontons, which corresponds to an increase of 5.48 million tons compared to the previous year. However, the numbers did not cause any surprises, analysts had expected this development and quantities in advance.
Source
VR AGRICULTURAL
