04.
12.23
09:44

Rising export prices in Russia

At the end of the week, the wheat contracts on Euronext/Matif headed north. The future front month of March closed 2.50 euros higher at 228.75 euros/t. This means that the March contract was able to close by a total of 3 euros/t higher than last week. The prices are supported, among other things, by the weather conditions on the Black Sea. Loading options at the Black Sea ports in Russia and Ukraine are currently severely affected by storms. The weekly export figures published by the consulting firm Sovecon show a decline in wheat exports from 0.75 million tons in the previous week to 0.56 million tons in the last week, which is the lowest weekly value of the current season so far. Export prices have recently increased slightly in Russia and are therefore also supporting prices in Europe. In addition, the euro also fell slightly against the US dollar over the weekend. The situation on the local cash markets remains unchanged. Because of the heavy snowfall in Bavaria, grain logistics have been severely restricted or come to a complete standstill. Flooding on the Rhine also makes loading quantities of grain difficult.In France, around 82 percent of winter wheat has been sown, based on the targeted area. Usually 95 percent has been ordered at this point, but last week's heavy rain showers have significantly delayed sowing. In the last week, however, some of the backlog was made up. Wheat also went up on the CBoT. The good export loadings on Thursday were still having an impact here. The grain exchange in Buenos Aires reports that around 36 percent of the Argentine harvest has now been harvested and that the production target of 14.7 million tons is sticking to for the time being. However, initial reports give reason to be more optimistic about the harvest volume. There are currently positive export figures in Canada, where 603,300 tonnes of wheat were exported last week. For the year, Canada exported around 7.8 percent more wheat compared to the same period last year.

Source
VR AGRICULTURE
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