Wheat prices in Chicago started yesterday at the start of trading with a red sign from the long weekend. But in the course of trading, the courses managed to reverse the trend and closed with profits. The March date increased by 8 US cents to 751.75 US cents/bu (255.90 euros/t). On the one hand, the good signs for corn and soy also provided support for wheat, and on the other hand, the weekly export shipments published by the USDA were surprising. Thus, in the week ended January 12, 320,434 tons of wheat were loaded. That's 53 percent more than last week. In a speech yesterday, President Putin announced that he would keep his country's food reserves stable, including restricting agricultural exports if necessary. He did not give any details, but clearly stated that the country was not allowed to offer all of its wheat stocks on the world market, despite the good demand. According to the first reports, Algeria has bought 500,000 to 600,000 tons of milling wheat on the world market, the majority of which is said to come from the Black Sea region, according to initial speculation. The trend reversal on the CBoT did not help European prices.Wheat on the Euronext/Matif lost EUR 0.75 to EUR 286.75/t in the front month of March. As of January 15, European exporters exported 17.67 million tons of wheat, with France having the largest share with more than 7.5 million tons. The export volumes are currently around 6 percent above the previous year's result at this point in time. On the spot markets, however, prices remain under pressure. The quotations for bread and fodder wheat have recently fallen further in all places. The supply is still rather small, with rye and triticale, especially in western Germany, hardly being available.
Source
VR AGRICULTURAL
