27.
10.23
08:37

New rumors about Ukrainian sea shipments supported wheat

On Thursday, wheat broke its downward trend. The December date closed at a closing price of 233.50 euros/t, 1.50 euros per ton higher than Wednesday. Little has changed in terms of the basic news situation. The euro has fallen further due to the ECB Council's unchanged interest rate decision and the prospect of further interest rate hikes in the USA by the Fed, thereby supporting Europe's export opportunities. The EU Commission figures published this week showed slightly higher shipments for the export market compared to the previous week, but export volumes are still significantly lower than last year. Yesterday's prices were also supported by rumors that the temporary corridor to the port in Odessa was blocked again. It is said that Ukraine has suspended the use of ships from Odessa because the risk of Russian air strikes is too high. However, the Ukrainian military vehemently denied the news. Prices also recovered on the CBoT. The December date increased by a noticeable 11 US cents per bushel.The rumors from Ukraine also supported this, and many investors are taking the opportunity to expand their long positions after the decline of the last few days. However, the majority of US weekly export sales were disappointing. With 364,000 tons ordered, the lower end of analyst expectations was reached. There are currently green signs in Chicago before the trading session.

Source
VR AGRICULTURE
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