WASDE causes wheat prices to collapse

Friday was all about the USDA-WASDE at the agricultural markets. This provided further selling points for wheat. The contracts on the Paris stock exchange remained true to their basic trend and closed in the red. The March date lost 2.25 euros at a closing price of 216 euros/t. Since the beginning of the year, the contract has lost 6.50 euros per ton. In Friday's WASDE report, the USDA increased global production expectations for this season by 1.9 million tonnes. There were upward adjustments in particular for harvest volumes in Russia and Ukraine. Production is now expected to reach 91 million tons (+1 million tons) in Russia and 23.4 million tons (+900,000 tons) in Ukraine. The higher production estimates are accompanied by higher expectations for global ending stocks, which are likely to be higher, particularly in Europe. Nevertheless, the final stocks are still below those of the previous year. In addition to the USDA figures from WASDE, competition on the Black Sea continued to weigh on price expectations. As the analysis house IKAR reported, Russian export prices rose slightly last week and are currently at 244 US dollars/t (FOB). Around 1.5 million are expected in the first days of January.tons of grain were exported. It is currently cold in Russia, but there is a protective blanket of snow in most growing areas, so market observers do not expect any lasting damage to the sowing. Prices on the CBoT also closed lower. However, the setbacks were limited by fresh figures for US winter sowing. Accordingly, the cultivated area of 34.42 million acres (approx. 13.93 million hectares) is around 2.27 million acres (approx. 918,000 hectares) smaller than in the previous year. A sown area of 35.7 million acres was previously expected. Today the US stock exchange will be closed for a holiday.

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