Wheat contracts on Euronext/Matif fell sharply yesterday on the news that Russia is reinstating the Black Sea Grains Agreement, trading just above last Friday's level again. The front month in Paris lost 16.50 euros/t and closed yesterday's trading day at 341.25 euros. There were also clear losses on the CBoT. Mediated by Turkey, Russia had agreed to rejoin the agreement. In return, Ukraine undertook not to use the agreed corridor for military purposes. According to its own data, Ukrainian exports in the current 2022/23 season reached a volume of 13.4 million tons as of November 2. Of these, 5.1 million tons are wheat. At the same time, before the war, the country on the Black Sea had loaded around 60% more wheat. The cash markets in Germany remain calm. The turbulence on the stock exchange and the two public holidays this week mean that sales remain low. The prices for bread wheat, but also for fodder wheat, fell again yesterday as a result of the clearly easing concerns about supply bottlenecks. Pre-market, the eCBoT is showing red signs again today.
Source
VR AGRICULTURAL
