Partial mobilization drives wheat to 347.00 euros/t

Yesterday, too, the market primarily determined the developments in Russia and Ukraine. Wheat contracts on the Matif again went up significantly. The December date closed at EUR 347.00 per tonne, EUR 7.75 higher than on Wednesday. The TV speech on partial mobilization provided this significant impetus. The Ukrainian Ministry of Agriculture reports that 6.88 million tons of grain have been exported so far this season, of which 2.30 million tons are wheat and 598,000 tons are barley. Recent estimates assume that the wheat acreage in Ukraine will be around 10 percent lower than the government's last forecast. Last year winter wheat was cultivated on an area of 6 million hectares, according to estimates by the government and analysts between 3.4 million and 3.8 million hectares are expected this year. Brazil expects a larger wheat harvest in the current season. A private analysis company estimates that up to 10.94 million tons of wheat could be harvested, which is even more than the previous record of 7.75 million tons. Pre-market, the eCboT is showing a slightly green sign today.