Even one day after the WASDE report was published, the wheat market is largely unimpressed by the figures that the USDA presented on Thursday. On the Euronext/Matif in Paris, the March date went south by EUR 2.50, and the closing price at the weekend was EUR 288.75/t. On a weekly basis, wheat for delivery in March was 11.25 euros/t cheaper. Russia has been awarded the contract for a Turkish tender for 565,000 tons of wheat. At USD 328.99 per tonne (cost and fright), Russian prices were well below those of European suppliers and shows that competition for European wheat is still fierce. Egypt also recently bought 120,000 tons of wheat from Russia. Trading on the CBoT on Friday was mixed. Although the market participants see the larger acreage in their own country, since the fields are currently suffering from drought and have already been affected by the cold spell and the very dry autumn, expectations for the coming harvest are low. Today the CBoT will be closed due to Martin Luther King Day.
Source
VR AGRICULTURAL
