More wheat and Russia and Ukraine expected

Wheat prices on Euronext/Matif rose yesterday, but were unable to make up for Wednesday's losses. At the final bell the price on the display board was 235.25 euros/t. The subsequent contracts increased somewhat more slowly, but a rising forward curve remains as the season progresses. The price calls for bread and feed wheat on the cash markets in this country were also somewhat firmer yesterday. Prices on the CBoT also rose yesterday. The price jumps, contrary to the actually rather bearish trend, were triggered by the report that a Turkish ship that was on its way to Ukraine had encountered a sea mine. The damage remained manageable and the ship was able to continue its journey. It remains unclear whether this is a Russian mine in the course of the war of aggression. Still, the news was enough to support prices. Fundamentally, things remain difficult for the wheat markets overall. The Russian Ministry of Agriculture has raised its forecast for the wheat harvest. After drying, a production of 90 million tons is expected. In the last forecast the ministry was much more cautious and pessimistic with 80-85 million tonnes.There is news from Ukraine that the harvest here was better than previously expected. 21.7 million tons are likely to have been taken from the fields here. However, premarket CBoT prices cannot continue yesterday's trend and are trending in the red.

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