Rebound in wheat

With significant price gains, wheat prices in the front month and in the May contract climbed back above the EUR 300 per tonne mark. The March contract gained EUR 7.50 and closed at EUR 304.00/t. It remains calm on the local cash markets, the first traders have already closed their books for this year. The listings were recently unchanged. Most recently, support for wheat prices came primarily from the EU export figures, which have meanwhile reached a volume of 15.7 million tons. According to calculations by the Federal Statistical Office, the winter wheat area in Germany has decreased by 55,600 hectares. According to the information, winter wheat was sown on an area of 2.8 million hectares, which means that the area under cultivation fell by 1.9 percent compared to the previous year. The CBoT also went clearly north. The March front date increased by double digits to 767.75 US cents/bu, which corresponds to a converted price of EUR 265.96 per ton. The main driving factor here is the cold snap in the wheat-growing regions of the American Midwest. Possible frost damage is already being discussed in many cases.Much of the winter wheat field has no protective snow cover and is therefore at greater risk of damage. Pre-market, the CBoT is also showing green signs today, but they are in the single-digit range. Today, the publication of the weekly US export sales should once again have the potential to move wheat prices significantly. In the run-up to the USDA publication, analysts estimate that the export volume will be between 200,000 and 500,000 tons.