The new trading week for the Euronext wheat started with another day in the red. On the CBoT, futures were unable to hold higher gains throughout the trading day but have stayed in the green. With a view to the negotiations in Ukraine, things remain exciting. Many market participants expect the agreement to remain in place. The condition remains that Russia can export important raw materials for fertilizers via Ukraine. Russian exports have recently picked up speed and amounted to 1.0 million tons at the beginning of October. Sovecon analysts expect a volume of 4.4 million tons for October. The Ukrainian wheat harvest is on its last legs. According to the Ministry of Agriculture, significantly less grain is to be brought in than in the previous year (32.2 million tons). The harvest is currently said to be 19.2 million tons, which is even below the estimate from the WASDE report.
