Wheat prices rose sharply in yesterday's trading. The most traded December date went north by 10 euros to 326.25 euros/ton. Courses on the CBoT also increased very significantly. The December term here gains 27.25 US cents/bu. The price increases are primarily driven by statements by the Russian President. He expressed his disappointment at the impact of the grain deal in a statement. Russia was "cheated". The world is buying too few agricultural goods in Russia, and only western countries are benefiting from the current situation. Grain exports from Ukraine could therefore come to an end sooner than expected. The increase is dampened by expectations for today's ECB meeting. The euro was able to gain again as a rate hike of 0.75 basis points is expected. In Canada, the national statistics agency published the wheat stocks as of 31.7. The expectations of the market were exceeded, but the stocks of 3.67 million tons are below the amounts of the previous year.
Source
VR AgrarBeratung AG
