WASDE continues to have an impact: wheat prices weaker

Wheat prices are weaker at the start of the week. The March date on the Paris stock exchange lost 2.00 euros and closed at 228.25 euros/t. At the Kassamärten, the prices for bread and feed wheat are stable at the beginning of the week. There is still no stimulus, but demand from feed mills has recently increased for deliveries in the second quarter of 2024. Overall, the market remains calm due to producers taking a wait-and-see approach. Internationally, little changed yesterday after the WASDE on Friday. Several countries are currently active on the market with larger tenders. For example, Tunisia is currently seeking 100,000 tons of milling wheat and 75,000 tons of durum wheat. Bangladesh and Algeria are also looking with slightly smaller tenders. At the CBoT yesterday things went significantly south. The WASDE with the globally higher production prospects continued to have an impact here yesterday. The cheaper competition from Russia also remains an issue, even if weather developments have recently slowed down loading activities and the pace of exports. The wheat harvest is also underway in Argentina. In the WASDE, the USDA has continued to leave Argentine production at 15 million tons; the export potential is seen at 10 million tons.Last year, the country was only able to place 4 million tons on the world market, as the harvest of 12.55 million tons was significantly lower than the average of recent years. Premarket, there are signs of recovery on the CBoT early this morning. However, the losses of the previous days are not even close to being made up.

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