Matif wheat still under selling pressure

Yesterday there were different signs at the CBoT and the Matif. While prices in Chicago started to recover and closed with positive signs, wheat on Euronext/Matif went south. The most traded May date closed with a setback of 1.00 euros at 198.50 euros/t. The further decline in Russian export prices due to high inventories in Russia is particularly noticeable here. According to analyst firm IKAR, the FOB price for 12.5 protein wheat for deliveries in March and April is currently $215/t, down $4 from a week ago. However, at 870,000 tons, Russian wheat shipments last week were slightly lower than the previous week. Newer export figures for Europe from customs statistics are not currently available, but are expected for today. Contrary to expectations, US export shipments last week were positive at 481,999 tonnes. Overall, however, American exports are far behind the previous year's results and miss them by 2.7 million tons. For Europe, the French agricultural authority revised the condition assessment slightly upwards last Friday. Overall, farmers in Central and Eastern Europe are increasingly concerned about the quality of their land. In many places, areas are still under water. France's stocks are rated as good to very good at 69 percent, compared to 95 percent at this point last year. Pre-market prices in Chicago are again showing positive wheat prices today.

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