Middle East conflict pulls wheat higher

Wheat rose yesterday. The December 23 front date climbed by 2.50 euros to 237.25 euros/t. The cash markets are also showing firmer price quotations at the start of the week, although the ups and downs of the last few days have caused all market participants to act more cautiously. The volumes actually traded remain manageable. Yesterday, feed wheat freight-free in South Oldenburg was quoted at 218 euros/t. The fighting in the Middle East provided a boost, which in particular caused crude oil prices to rise significantly and thus also had an impact on the prices of agricultural raw materials as a whole. In addition, as was the case at the end of last week, the drought situations in Argentina and Australia are increasingly becoming the focus of market traders. Prices also rose on the CBoT. However, because of Columbus Day, there were lower sales volumes in Chicago. Data on stocks, sowing and weekly export loadings will only be published on Tuesday due to the public holiday. On Thursday, the US Department of Agriculture will also publish the October WASDE. Only minor adjustments are expected for the wheat market. However, we will be looking closely at the forecasts for the drought-stricken areas in Australia and Argentina.Before the market, the contracts in Chicago are trading significantly weaker today, and the previous day's increase has been more than wiped out.

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