Morocco plans subsidies for wheat purchases

In an overall friendly market environment, wheat prices were firm yesterday. The most traded March date on the Paris stock exchange rose by 3.00 euros to 225.75 euros/t. There are stable developments at the wholesale level on the cash markets. Particularly in southern Germany, there is currently calm demand on the one hand but also logistical problems. The snowfall has partially delayed transport by road and high water levels on the Rhine are making transport difficult. There is currently significant demand primarily from buyers from the Netherlands who buy feed grain in Germany. The protests in Poland are currently causing a stir on the wheat and corn market. Farmers and freight forwarders are currently protesting at the border crossings against, among other things, grain imports from Ukraine. Despite the agreement, many quantities still appear to be stuck in the areas bordering Ukraine. The situation was also discussed in the EU Parliament's Agriculture Committee without any result. Russia's Agriculture Minister Dmitry Patrushev estimates this year's harvest at 150 million tons of grain and oilseeds and said Russia will set a record in agricultural exports this season.Due to extreme heat and drought, the government in Morocco is planning a subsidy program for the purchase of common wheat for a quantity of up to 2.5 million tons. Details are still being worked out. Things also went up significantly on the CBoT yesterday. The recovery in wheat prices here is being watched with caution by market observers and is often attributed to technical purchases. New figures for total wheat production in Canada are expected next Monday. Analysts are assuming that production will be 31.1 million tons, exceeding the previous year's result of 29.8 million tons. Around 24 million tons of this come from spring wheat. Before the trading session, there were slight increases on the eCBoT this morning, particularly in the early dates.

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