Wheat prices corrected yesterday on the CBoT, but the European wheat on the Euronext/Matif was not impressed. Moderate gains were on the scoreboard for futures contracts in Paris at the end of the trading day. The front month increased by EUR 0.75 to EUR 299.50/t. The later dates are also approaching the 300 euro mark. On the physical markets in Germany, the agricultural sector is generally reluctant to sell. Many are apparently waiting for the current situation, especially for cereals such as rye and barley, but also wheat and triticale, the demand is in some cases greater than the supply. France's Agriculture Ministry estimated that winter wheat acreage in the country has grown by around 2 percent. According to this, wheat would have been sown on 4.76 million hectares (+10,000 hectares compared to the previous estimate). In India, the area under wheat has also grown more significantly than previously assumed. The country expects a record harvest of 112.2 million tons in 2023. Due to last year's drought, the government has imposed an export ban, and it seems that the Indian government wants to continue to do so.Wheat headed south on the CBoT. First and foremost, profit-taking is reported here after three days of positive wheat price developments. Pre-market, however, there are also red signs this morning.
Source
VR AGRICULTURAL
