US export figures above expectations

Before the weekend, wheat prices on Euronext continued north. The most traded March gained one euro to close at 218 euros/ton. The escalating situation in the Red Sea in particular led to an increase in the purchase of short contracts. The Red Sea trade route is currently avoided by many trading companies, causing delays in transport. According to experts, only just under 3 million tons instead of the usual 7 million tons are currently being transported via the dangerous route of the Suez Canal. In the USA, the export figures caused a surprise on Friday. These were significantly higher than expected and reached a volume of 707,600 tons. Especially compared to the previous week (128,100 tons), exports have gained increasing momentum and supported the development of contracts. The front month recorded an increase of 7.75 US cents/bushel and is equivalent to just under 200 euros/ton. Meanwhile, the weather prospects for a large part of the USA seem to be improving again. After last week's cold weather, things are expected to become much friendlier again in the coming days, so that worries about possible yield losses due to frost will subside again.

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