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.

Please describe your request so that we can prepare for the callback.
Yes, I have read the Privacy Policy note and I consent that the data provided by me, including the contact data, for the processing of the inquiry and in case of questions are electronically collected and stored. My data will only be used strictly for my request and will not be passed without my consent. This consent can be revoked any time with effect for the future.'
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.

Register now

Jetzt registrieren und ZMP Live+ 14 Tage kostenlos testen!
  • Dauerhaft kostenfrei
  • Keine Zahlungsinformationen erforderlich