Stronger euro keeps wheat in check

After the significant losses on Monday, wheat prices on the stock exchanges in Paris and Chicago were able to strengthen again yesterday. The front month of December closed on Euronext/Matif with a daily profit of 1.25 euros/t at 225.50 euros/t. The contracts gained particularly in later trading. EU exports of common wheat have currently reached a volume of 11.6 million tonnes and are therefore still well below the previous year's figure of 14.3 million tonnes. However, the EU Commission points out that there are currently no export data from Bulgaria due to technical problems. Some figures from Italy are also missing, so the values should currently be viewed with caution. Romania continues to lead the export list ahead of France. Germany is in fourth place in the export rankings with 1.1 million tons. The slow sowing of winter wheat, especially in France, continues to be an issue in the trade, but there is still no fear of supply bottlenecks. The continued appreciation of the euro against the US dollar is having a limiting effect on exchange rate developments in Europe. The reference rate was set by the ECB yesterday at $1.0912. Across the Atlantic, traders primarily evaluated the figures from the crop report published after trading on Monday.The winter wheat sowing has been completed so well again, the stocks are assessed more positively than last year and 87 percent of the cultivated areas have already sprouted, which is two percentage points more than the average of the last five years. The CBoT prices were able to increase yesterday, mainly due to technical purchases due to the decline of the last few days. Investors are taking advantage of the opportunity to re-enter the market, and at the same time initial positionings have been closed out due to the holiday in the USA tomorrow. The stock market will reopen with shortened trading on Friday. Prices on the CBoT were firmer this morning before the trading session.

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