Seeds for summer cereals are scarce

Wheat prices initially started yesterday's trading day weakly, but ended up in the profit zone. The front month of March 2024 rose by 2 euros/t to 221.50 euros/t. The cool weather in large parts of Europe and on the Black Sea is providing support. Overall, market participants are certainly worried about the coming harvest. Because of the rainy weather in late year, many expect that around 5 to 10 percent less wheat or grain was sown in some regions of Germany. It is still questionable whether the missing areas will be cultivated with summer crops. Seeds are scarce and currently in high demand and therefore expensive. A number of countries have placed new tenders on the global market. Jordan is looking for 120,000 tons of milling wheat. Algeria and Tunisia are looking for 50,000 tons of durum wheat each. On the CBoT, wheat prices predominantly moved sideways. At the final bell there were slight profits on the scoreboard in Chicago. Overall, there was a lack of relevant news and impulses in trading. In addition, many retailers have already lined up for tomorrow's WASDE.The majority is expecting a significant increase in US inventories due to the good harvest situation when the quarterly inventories are published, which will also take place tomorrow. Pre-market prices on the CBoT were slightly rising this morning.

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