USDA surprises the wheat market

After the increases in the middle of the week, wheat went south again on Friday on Euronext/Matif. The front month of December closed with a setback of 4.0 euros at 235.50 euros/t, which is back at the same level as on Friday of the previous week. Even in September, the price of wheat has hardly changed. On the first trading day of the month, the December date was quoted at 235.00 euros/t. On the CBoT, wheat also fell sharply on the last trading day in September. Wheat is cheaper here than it was at the beginning of Monday. The EU Commission has reduced its forecast for this year's common wheat harvest by 800,000 tonnes to 125.3 million tonnes. There were production cuts primarily in Spain but also in parts of Eastern Europe. EU exports are still expected at 32 million tonnes. According to observers, other ships are using an alternative route designated by Ukraine to head to ports in the country on the Black Sea. A total of nine ships are said to have come this way since the end of the deal. What dragged the wheat markets down on Friday, however, were the surprising results in the US quarterly report. Wheat stocks were increased to 48.44 million.tons, exceeding the expectations of analysts who had expected a much steeper decline. The production figures are also higher than those from the most recent WASDE and have therefore triggered a sell-off on the stock market. Chicago wheat contracts are recovering slightly premarket today.

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