May wheat under 200 euro mark

The signs for wheat continue to point to falling prices. The front month closed with a loss of 2.75 euros/t at 203.25 euros/t. The following month, May 24, fell below the 200 euro mark per ton with a loss of 1.50 euros/t. The May contract is now trading higher than the leading March contract. Wheat was last quoted at this price level shortly before Russia's attack on Ukraine. In France, 69 percent of winter wheat stocks are currently considered to be in good or very good condition. Although this is the lowest level in more than four years, due to the French Ministry of Agriculture's increased forecasts for the coming winter wheat harvest and the general market environment, this comparatively low valuation could not bring the prices into the green zone. Higher harvest expectations are also reported from Russia. The mild weather during the winter, especially in the south of the country, makes farmers optimistic about the harvest. At the same time, Russian stocks of wheat are valued very highly. According to estimates, farmers probably have 19.94 million tons in their barns. After last year's record harvest, it was only slightly less at this point at 19.75 million tons. Accordingly, Russian export prices remain under pressure and have fallen by another US dollar per ton compared to the previous week. Wheat also suffered losses from trading on the CBoT. The USDA's estimates, which expect large quantities for the coming harvest, had a particularly negative impact here. The weather conditions during the winter were mostly very good and increased expectations for yields per hectare. The Chicago stock exchange will be closed today due to President's Day.

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