Matif wheat in sideways movement

Wheat showed no clear direction on Euronext/Matif yesterday. The leading December contract ended yesterday's trading session unchanged at 237.25 euros/t. Even if participants in the physical markets are cautious in both purchases and sales, lots are traded somewhat more firmly. For the South Oldenburg region, ffr. A price of 220 euros/t is mentioned. The consulting firm Sovecon has reported that the momentum of Russian exporters has slowed somewhat, but analysts are still expecting exports of around 4.1 million tons for October, which is roughly in line with the average of recent years. Overall, despite the declining volume of Russian exports, the bountiful Russian harvest continues to weigh on the global market. There has recently been better export news in the USA. According to the export inspections published yesterday, 354,700 tons of wheat were shipped last week, which is 50,000 tons more than in the previous week and also exceeds the previous year's result by a significant 110,000 tons. Nevertheless, wheat prices in Chicago were unable to bear any green signs at the closing bell.Profit-taking after the significant gains on Thursday and Friday weighed on trading, although losses were limited. Pre-market, contracts in Chicago are trending in the red today to a similar extent as yesterday. The front month of December 23 is currently (8:28 a.m.) recording a loss of 2.75 US cents/bu.

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