Saudi Arabia orders 1.35 million tons of wheat

The wheat contracts on the Paris stock exchange were able to interrupt their downward trend at the beginning of the week. The most traded front month of March 2023 gained 1.25 euros to 224 euros per ton. This is also seen as a correction of last week's sharp decline. However, this correction is unlikely to be sustainable. In addition, the further rising euro exchange rate is weighing on market participants' export fantasies. Prices are stable on the cash markets, with only barley falling at the start of the week. Overall, the quotations can be seen as rather nominal; there is hardly any actual business behind them. Many retailers are preparing for the end of the year and Christmas. Saudi Arabia says it has ordered 1.35 million tonnes of wheat. These are scheduled to be delivered between February and May 2024. There is speculation that Russia in particular may have received contracts. Recently, the country held back from major tenders. On the CBoT, wheat recently went north, but yesterday the contracts were unable to maintain this trend and fell significantly in some cases. In particular, the rapid end of Chinese orders is putting a damper on price expectations.The weekly figures for loading activities show that these remain weak. 284,792 tons were actually loaded at US ports last week. This means that export shipments are around 10 percent behind the previous week and 2.51 million tons behind the previous year's value. Before the market, the contracts for the current season may increase slightly, while the dates expiring in 2025 are trending with some clearly red signs.

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