Wheat prices on the Euronext/Matif continued to correct yesterday. Weaker tendencies have also been observed on the cash markets in Germany in the last few days. France expects a slightly better export volume for the current season than before. The Ministry of Agriculture increased the export forecast to 10.1 million tons, which is 100,000 tons more than previously expected. Russia's massive attacks in Ukraine have abated, but there were isolated drone attacks yesterday. Wheat also went south on the CBoT. The front month of December lost 18.75 cents/bu and closed at 882.25 US cents/bu (334.05 euros/t). Yesterday's WASDE report caused only minor price movements. In its October WASDE, the USDA reduced production volumes for the USA and Argentina and also lowered expectations for global demand. The USDA increased its wheat harvest forecast for Europe by 2.7 million tons to 134.75 million tons and attributes this in particular to better harvests in Germany and Poland. The EU Commission last estimated a wheat harvest (common and durum) of 135.4 million tons at the end of September. Compared to the September WASDE, EU-27 exports increased by 1.5 million tons to 35 million tons.
Source
VR AGRAR
