Strategy Grains raises wheat forecast for Europe

Business on the local cash markets is also quiet at the weekend. Only small quantities of grain are being traded. Buyers are showing little demand, and producers are also holding back on offers in the hope of rising prices over the course of the year. On the Paris stock exchange, the front month of May went south yesterday. Wednesday's gains were wiped out again in yesterday's trading session. At the closing bell, a loss of EUR 3.50 and a price of EUR 201.00/t were shown on the Euronext/Matif display board. An increased wheat forecast for Europe by the Strategy Grains consulting firm and pleasant weather developments in many European countries had a bearish effect. Added to this are the statements from the USDA's WASDE report. US ending stocks were increased by a significant 25 million bushels. Global supplies are also estimated to be better, particularly due to higher export expectations to Russia and Ukraine. Overall, however, the WASDE brought few surprises for the wheat market. For Europe, the USDA has lowered its export forecast to 34.5 million tons. In March, the USDA was still expecting 36.5 million tons of wheat exports from the European Union. Yesterday, wheat also went south at the CBoT. In addition to the specifications for ending stocks, weak export sales also had an impact on the market. Last week, only 80,000 tons of US wheat from the old harvest were booked. There is no clear trend visible on the CBoT this morning before trading.

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