Mixed situation ensures high volatility in wheat

Most of the wheat on the Matif went north yesterday. Although trading was very volatile. In the first half of the day in particular, the contracts shot up significantly. In the front month of September, a peak of 260.75 euros/t was traded, at the end there was a closing price of 255.75 euros/t and thus an increase of 2.00 euros on the display board. A similar picture was also evident on the CBoT, with the contracts gaining significantly more before the market started to lose value again in the afternoon. The threat posed by Russia in Ukraine continues to create tension and a puzzle as to how Ukraine's logistical capacity can continue through other avenues. According to reports, Russia is already laying sea mines in the Black Sea again. The European umbrella organization Copa/Cocega reports poor harvest results and harvest losses in southern and south-eastern Europe, which gives prices further support. In southern Germany, the beginning of the wheat harvest continues to show very heterogeneous harvest reports. Overseas, the weather continues to be the second driving factor, particularly when looking at spring wheat.High temperatures and no precipitation are forecast for the coming days in Kansas and Minneapolis. The International Grains Council has reduced its forecast for the global wheat forecast by 2 million tons to 784 million tons. The fact that the prices did not rally again yesterday was mainly due to profit-taking, which was clearly noticeable after weak US export figures. In the first weeks of the new marketing year 23/24, the USA exported only 5.19 million tons and thus only 2/3 of what was in the books at the same time of the previous marketing year. Pre-market signs were red for wheat in Chicago.

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