Wheat, it seems, has found its way back to the old track of declining price quotations. Contracts on Euronext/Matif also fell yesterday. The front month of March lost EUR 2.25 to EUR 283.00 per tonne. Although the European Union's export figures published this week for 18.78 million tons of wheat exports in the marketing year to date have been a support, the strong competition from Russia is putting pressure on price developments in this country. In a tender from Egypt, the Russian prices were the cheapest. As reported, the Russian offers including freight costs were USD 322.80/t, the cheapest European offer is said to have been USD 340/t and was submitted by exporters from Romania. There are no real changes on the cash market for the weekend. In southern Germany, more and more malting barley is being offered by farmers, since sellers from France are increasingly entering the southern German market and offering goods. On the CBoT, the wheat contracts were able to say goodbye to trading with slight profits. The cold wave is supporting the market, on the other hand the very weak US export figures of just 136,000 tons were disappointing.Analysts had previously expected export sales of at least 300,000 tons. Premarket CBoT wheat loses this morning.
Source
VR AGRICULTURAL
