Poland and Hungary extend import bans

Wheat prices ended the trading day with gains on Friday. The leading December date closed with a daily gain of 1.50 euros/t at 243.50 euros/t. Wheat also rose on Euronext/Matif on a weekly basis. On the previous Friday, the closing price for the December date was 236.50 euros, 7 euros lower. The EU Commission's ban on storing grain from Ukraine in Hungary, Poland, Romania and Slovakia expired on Friday and has not been extended. The ban was introduced to stabilize the local markets and protect local farmers from massive price drops. Poland's government has already announced that it will maintain the ban regardless of EU regulations. Similar sounds could be heard from Budapest. Nevertheless, transit through these countries should remain possible. Russia's export prices have recently fallen further. The Russian harvest is also putting pressure on the domestic market there and inventories have recently increased significantly. Winter wheat sowing in Russia is also making good progress. Winter wheat is said to have been sown on an area of around 4.6 million hectares so far. The CBoT also headed north on Friday.However, there are slight red signs again before the trading session. Given the geopolitical situation on the one hand and the high level of competition from Russia in exports, traders are finding it difficult to find a clear direction. Overall grain prices are therefore likely to remain volatile this week.

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