Russian wheat is under pressure

International price pressure caused losses for Matif wheat yesterday. The front month recorded a loss of 1.25 euros/ton to 216.75 euros/ton. In particular, falling grain prices around the Black Sea put prices under pressure. Russian wheat prices in particular have continued to fall in recent days. Analysts at IKAR announced that wheat prices fell by $4 to $238.00 per ton. On the other side of the Atlantic, wheat contracts ended the day with moderate gains after fairly undynamic trading. In particular, the latest news about US wheat exports, which increased by 29.7% last week, gave the bulls the lead. However, compared to the volume from the previous year, bookings were weaker and were almost 35,000 tonnes lower. Likewise, the total exports this season (10.72 million tons) did not reach the result from the previous year (-2 million tons). However, at the beginning of this week, the major importing countries have not been particularly active on the market. Observers pointed out the large bookings last week and expect the export market to remain quiet this week.

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