Wheat on the Euronext/Matif rose again moderately yesterday. The most traded December date rose by EUR 1 per tonne, as did the front month of September. Export demand in Europe remains positive. Until August 9th the EU countries exported 2.489 million tons of common wheat. Last year at the same time it was 2.451 million tons. Saudi Arabia is currently seeking 180,000 tons of wheat of optional origin via a tender. Yesterday, the first ship of the UN World Food Program docked in the Black Sea port of Yuzhne in Ukraine. The freighter is to be loaded with 23,000 tons of wheat and steered to Ethiopia. On the CBoT, wheat contracts went south again yesterday. Declining export shipments and negative indications from the commodity markets as a whole weighed on sentiment. However, the slow progressing US spring wheat harvest had the effect of limiting losses. Currently 16% of the stocks have been harvested.
Source
VR AgrarBeratung AG
