05.
09.23
09:33

No prospects for a new grain agreement

Wheat went south on Euronext/Matif yesterday. The December contract closed one euro lower at 234.00 euros/t. Without any instructions from the USA, trading remained relatively quiet overall yesterday. The meeting between Presidents Erdogan and Putin did not produce any new results on the issue of reviving the grain agreement. Russia does not see its demands being met. However, transits for Russian wheat via Turkey to so-called “friendly states” of Russia were discussed. As reported, Egypt ordered 480,000 tons of wheat from Russia as part of a private purchase. New production estimates come from Australia. The agricultural authority there revised its previous wheat forecast downwards by 800,000 tons and now expects a harvest of around 25.4 million tons. That is more than a third less harvest volume compared to the previous year. It is currently particularly dry in Australia due to the El Nino weather phenomenon. The barley harvest in Australia, however, could be slightly better; 9.9 million tons were previously expected, the forecast was raised yesterday to 10.5 million tons. The CBoT was closed yesterday due to a public holiday.In pre-market trading this Tuesday, wheat prices are showing a slight increase up to and including September 2024.

Source
VR AGRICULTURE
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