Ukraine exports less grain

The upward trend from the previous day could not be maintained yesterday. Wheat in the front month of March 24 lost 3.75 euros and slipped to 227.50 euros/t. Nevertheless, the March contract is trading slightly above the price at the beginning of the month. The decline is due, among other things, to technical sales and profit-taking after the positive development of the previous day. But the EU's weak export figures, which were published on Tuesday, also had an impact yesterday and the euro gained additional value against the US dollar. This morning the common currency is trading at 1.0905 US dollars, the ECB's reference rate last night was set at 1.0787 US dollars. For Ukraine, the analysis firm Argus estimates that this year's wheat harvest brought in 20.2 million tons. That would be a decline of around 9 percent compared to the previous year and the weakest harvest in the country in over 12 years. Essentially, Argus attributes the decline in harvest volumes to a 100,000 hectare reduction in cultivated area. The Ministry of Agriculture in Kiev reports that 14.7 million grains have been exported so far this season, including 6.3 million tons of wheat.At the same time last year, the total export volume of grain was 20 million tons, of which 7.4 million tons were wheat. The ministry is optimistic about further export development. Because of the well-running alternative trade route across the Black Sea, export volumes could rise to 5 million tons in total in December; 3.8 million tons of grain were exported in November. The CBoT also showed very significant losses for the wheat contracts. Here too, a technical countermovement is primarily blamed for the setback. This morning the contracts are trending a little firmer.

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