Rain halts France's wheat sowing

There was a slight upward trend on Euronext/Matif on Friday. The front month of December 2023 rose by 0.50 euros to 232.25 euros/t. First and foremost, the current weather reports are providing a boost to the Paris stock exchange. As FranceAgriMer announced, wheat sowing in France only progressed by 4 percent last week. A total of 71 percent of the planned cultivation area has been cultivated. Many market participants expect that the winter wheat sowing will probably not be completely completed and that the cultivated area will therefore be smaller than initially forecast. In Germany, too, it is too wet in many places; where winter crops still have to be sown, producers are not making any progress due to wet fields and problems with traffic. On the CBoT, however, wheat went south. The recent weak export figures and the increased forecast from the International Grain Council had a negative impact on price developments. This had increased global wheat production by 2 million tonnes compared to the October estimate. Better harvests in Russia and Turkey are responsible for the change in the forecast.While European wheat exports remain behind last year's volumes, Canada's exporters were able to sell more wheat abroad. According to the statistics agency, traders exported 5.8 million tons through November 12, which is 300,000 tons higher than last year's volume at this time. However, export volumes for durum wheat are declining. With the start of the new week, there are once again slightly red signs in pre-market electronic trading on the CBOT this morning.

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