The stock market went north at the start of the week. The front month closed at 298.75 euros/t and thus 1.75 euros/t higher than on Friday. Contrary to the development on the Euronext/Matif, the prices on the local cash markets were slightly reduced. Both bread and feed wheat were slightly weaker compared to the end of last week. Turnover is low, bread wheat franko Hamburg is quoted at EUR 310/t, which is EUR 4 less than on Friday. Concerns that the export agreement for Ukraine will not be extended received renewed fire yesterday. Russia's Deputy Foreign Minister made it clear that an extension would make no sense from a Russian perspective as long as Western countries indirectly sanction and boycott Russian agricultural products. Russia's export figures themselves continue to be dynamic. The consulting firm Sovecon estimates that Russian wheat exports will reach a volume of 3.4 million tons in February, which is over a million tons more than in February last year. However, exports are currently lagging somewhat because the weather conditions on the Black Sea coast are making loading difficult. Wheat prices also moved higher on the CBoT.In the state of Texas, only 11 percent of all winter wheat acreage is currently rated good or very good, which is another two percentage points less than last week. At 472,000 tons, US export shipments were lower than in the previous week, but exceeded the previous year's value. Over the year as a whole, US exporters shipped around 1.5 percent less wheat for export. Pre-market, the contracts on the eCBoT are trading at losses today.
Source
VR AgrarBeratung AG
