USA can export more wheat than last year

There was a weaker wheat price on Euronext/Matif yesterday. With a narrow trading range, the front month of March closed the trading day with a loss of EUR 0.50 at EUR 222.25/t. The subsequent contracts lost to a similar absolute extent. The consulting firm Argus Media has estimated its forecast for winter wheat cultivation area in France at 4.24 million hectares. If this forecast is correct, that would be 11 percent less than the previous year and the smallest area under wheat cultivation since 2000. Spring wheat plays a minor role in France. As reported, French ports are currently loading larger quantities destined for China, Morocco and Algeria. However, the uncertain situation in the Red Sea is making many market participants sit up and take notice and is causing uncertainty about the safety of the shipping route. Pakistan is currently active on the international market with a tender for 110,000 tonnes and Thailand with a tender for 193,000 tonnes. Prices on the CBoT were slightly firmer. At 322,000 tonnes, weekly export sales were significantly lower than in the previous week, mainly due to a lack of orders from China.These had recently provided a significant boost to the export business. Looking at the marketing year to date, US exporters were able to sell around 2.9 percent more wheat than at the same time last year. Pre-market, the contracts on the CBoT are trending a little firmer again this Friday. The situation on the local cash markets remains unchanged. Individual batches are loaded and processed, but overall everyone is preparing for Christmas. In southern Germany in particular, traders suspect even larger quantities of unsold grain. Quotations at the wholesale level have recently been stable.

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