Russia stops grain ships

With a closing price of 200 euros for the front month of May 24, the Euronext/Matif yesterday went south by 1.25 euros per ton. The follow-on contracts also ended the penultimate trading session of this week with red signs. Trading on the cash market remains manageable due to the shortened weeks. But the volatile developments on the stock exchanges are also causing uncertainty and causing both producers and consumers to act with caution. In southern Germany in particular, larger quantities of bread wheat are suspected to be in the producers' warehouses. Internationally, attention is currently turning to Russia. As reported by the media, Russia has stopped individual cargo ships belonging to a trading company to take quality samples. Ships belonging to another trading company were already stopped last week because there are more frequent complaints from importing countries about the quality of Russian grain deliveries. There was a sideways movement on the CBoT yesterday, and the contracts in Chicago closed inconsistently. In the front month of May, it rose by a quarter of a cent to 556.25 US cents/bu (188.58 euros/t). The weekly export sales figures for the week up to March 28 only brought 16.100 tons, although the forecast was for at least 100,000 tons. For the coming season, however, orders looked more positive, with 262,000 tons booked. The actual shipments for February showed a higher quantity than in January, but sales and physical shipments are still lagging significantly behind the previous year's results. Most of the pre-market trading this morning is showing slightly green signs.

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