The trend of falling wheat prices continues as the week progresses. In Paris, prices for the coming front month of May 23 went south by EUR 3.25 per tonne to EUR 266.75 per tonne. The development on the futures market is also reflected in the domestic cash markets. Goods can only be sold slowly, if contracts are concluded, then at significantly lower rates. Yesterday 269 euros/t were quoted for fodder wheat carriage paid in Süddoldenburg, 272 euros are currently being quoted for bread wheat carriage paid in the Upper Rhine region, and there are also lower prices in Hamburg and eastern Germany. Contract negotiations for the coming wheat harvest currently play hardly any role. The monthly WASDE report brought no news for the wheat market. Global production was slightly increased. No agreement is still in sight on the extension of the grain agreement. UN Secretary-General Guterres was in Kiev yesterday for talks. However, on the occasion of this visit, renewed criticism of the current conditions came from Russia. Most recently, the export of fertilizers was a clear point of criticism from Moscow. The CBoT also went down again yesterday. Wheat contracts are starting the day a bit friendlier this morning pre-market.
Source
VR AGRICULTURAL
