Sovecon expects export record: wheat prices firmer

Wheat went north on both exchanges yesterday and the wholesale prices on the local cash markets are also showing firmer quotations for bread and feed wheat. On the Euronext/Matif, the front month of September closes at a price of EUR 232.25 and thus with an increase of EUR 3.00 per ton. The December contract is now being traded slightly more than the September date and posted a daily gain of 2.75 euros/t. On the Upper Rhine, the farmers have gotten the wheat harvest and are making good progress, as is the case with the barley harvest. The first yields are reported here between 7 and 8 t/ha, but the producers are mostly not satisfied with the protein values. Here prices are currently between 200 and 208 euros/t carriage paid to the concentrated feed plant. The recently rising euro against the dollar is clouding export fantasies on Euronext a little, because the Russian analyst firm Sovecon announced yesterday that a new export record could be set in July. An export target of 3.7 to 4.1 million tons has been issued, and on average over the last few months Russia has been able to export 2.8 million tons. The low prices in the Black Sea ports make Russia's wheat particularly attractive.In the first two weeks of the new marketing year, European exporters exported 360,867 tons of wheat. In the previous year it was significantly more at 664,550 tons. At the CBoT, concerns about stocks moved to the fore. The most recent weather front with heavy rainfall in Oklahoma and Nebraska has significantly delayed harvesting work there, and there has also been significant regional hail damage. Market participants expect few changes for today's WASDE. The majority of global ending inventories at the end of the season are expected to be slightly lower, but US inventories are likely to increase. Premarket contracts in Chicago are green.

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