After modest gains over the past few days, Paris wheat futures are heading south again. On the other side of the Pacific, too, the signs for the contracts shone red. According to some market observers, the high prices prompted investors to secure their profits. The losses were slowed down by the continued worrying weather forecasts in some parts of the USA. The experts at the CW Group predict that the freezing temperatures could cause damage to around 20% of the fields. The conflict between Ukraine and Russia is also getting worse. Despite the difficult political situation, export prices around the Black Sea have hardly changed. In Novorossiysk a ton is traded at $328 USD. At the same time, Russian export duties were lowered again last Wednesday, so traders currently have to pay US$ 97.50/ton. Overall, Sovecon expects an export volume of 34.1 million tons for Russia in FY 21/22. For the upcoming data on US exports, traders are expecting a range of 175,000 to 400,000 tons. Sales of the new crop are said to be 50,000 tons.
