At the start of the week, wheat on the Euronext/Matif went north for a very clear EUR 16.25 per tonne. The closing price of EUR 364.25 per ton marks a new three-month high for wheat in Paris. The Russian attacks on various Ukrainian cities, especially Kyiv, are responsible for these significant price gains. With the conflicts escalating, it is feared that the grain corridor will soon come to a standstill. CBoT was also up sharply for the same reason. The front month of December gained 57.75 US cents/bu and thus costs the equivalent of 355.34 euros per ton. Even the slightly better logistics in the USA on the southern part of the Mississippi and the even stronger US dollar were unable to keep wheat prices in check yesterday. Recently, the river trip on the Mississippi had become impossible due to low water, but the situation has now eased significantly. China announced yesterday that the low tariff quotas for wheat and corn in the coming year 2023 will remain unchanged from 2022. Premarket contracts in Chicago are slightly down.
Source
VR AGRAR
