Talks between Erdogan and Putin raise hopes for export deals

Wheat on the Euronext/Matif went south yesterday. The most traded December date closed with a loss of EUR 3.00 at EUR 240.25/t. The front month fell below the mark of 230 euros/t. Contracts were also under pressure on the CBoT. The December date in Chicago closed at 617 US cents/bu and a loss of 4.75 US cents/bu and is therefore valued at 209.51 euros/t. On the local cash markets, prices are also slightly under pressure. Compared to the previous week, there are slightly declining tendencies in the price reports. In its provisional harvest balance sheet for 2023, the Federal Ministry of Agriculture estimated the winter wheat harvest at 20.765 million tons and thus 6 percent less than in the previous year. Spring wheat and durum wheat are also taken from the fields to a lesser extent overall. The area under cultivation has decreased noticeably compared to the previous year and the average of the last 5 years. The fact that wheat lost yesterday is mainly due to new hopes for an export deal for Ukrainian sea transport. As Turkish media reports, there should be a meeting between Erdogan and Putin shortly. The reason for the talks is a new edition of the grain agreement.On the other side of the Atlantic, in addition to the reports from Turkey, the weekly export shipments were the focus of market participants. With 390,000 tons of wheat shipped, the previous week's result is exceeded, but the figures are still lagging behind the volumes of the previous year. Pre-market, there is still no clear direction on the CBoT.

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