Russian February exports estimated at 3.8 million tons

The pressure to sell wheat did not stop on Thursday either. The future front month of May 24 closed again in the red and lost 1.25 euros/t. Closing price was 196.00 euros/t. The September contract also lost, but continues to trend above the 200 euro mark. Later appointments remained unchanged from yesterday's meeting. For the entire month of February, the most traded May contract went south by 17 euros per ton. Closing price on January 31st was 213.00 euros/t. Furthermore, the low export prices from Russia are one of the main reasons for the decline in grain sales. The analysis company Sovecon estimates that 3.8 million tons of wheat were loaded in February. That would be one of the best values ever recorded for a February month. The weakening ruble and favorable domestic prices due to high inventories caused Russian export prices to fall further in the last two weeks. Meanwhile, the Ministry of Agriculture in Moscow emphasizes that it will not support a new edition of the grain agreement, as Russia itself has sufficient transport capacity. Little changed on the cash markets in this country over the weekend. Producers are increasingly offering feed wheat, which is only taken up sporadically by the industry. On the CBoT, wheat contracts closed the penultimate trading day of this week with slight gains. With 327,300 tons of wheat sold, export sales were in line with expectations and exceeded the previous week's result by a significant 40 percent. Forest fires in Texas and Oklahoma, which have so far ravaged an area of up to 850,000, were a cause for concern. It is not yet possible to estimate whether and in what area agricultural areas will be affected by this fire. Pre-market in Chicago this morning, wheat contracts gave back their gains from the previous day.

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