WASDE cuts global wheat production - little impact on Matif

For the front month, Friday ended the last day of the trading week with a loss of one euro and a closing price of 236.50 euros/t. Later trading dates, on the other hand, increased slightly, with the December contract rising by EUR 0.50 to EUR 248/t. The USDA's WASDE report released on Friday evening showed little impact on the wheat market. As expected, US spring wheat production has been revised down. Globally, the wheat harvest was adjusted down by 3.3 million tons from the July estimate to 793.4 million tons. The main cuts were in Canada, China and the European Union. The EU forecast was reduced by 3 million tons to 135 million tons because of the heat development, especially in southern Europe, but also because of the weather conditions in Central and Eastern Europe. On the other hand, the forecast for the Ukraine was adjusted upwards by 3.5 million tons and should now be at 21 million tons. The government in Kiev also adjusted its forecast for the wheat harvest upwards on Friday due to the good yields that are evident in the current harvest and is now expecting wheat production of 20.9 million tons. Russia reports good export figures.According to official figures, weekly export shipments have recently increased to 990,000t/week. A grain ship from Ukraine was held up by Russian forces over the weekend but was able to proceed after the Russian military inspected the cargo. Moscow had already announced that it would consider any ship from Ukraine a potential military target. Before the trading day, the eCBoT shows slight tendencies for setbacks in wheat.

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