Weak export activities in Europe

The downward trend in wheat continues. The May contract on the Paris stock exchange lost 2.25 euros yesterday and closed at a price of 201.50 euros/t. A similar development was seen on the CBoT, where wheat in the front month of May fell by 8 US cents. With a closing price of 557.75 US cents/bu, the contract is quoted at the equivalent of 188.73 euros/t. Prices on the spot markets are also under pressure. Demand is quiet, with feed grain in particular being only moderate. In the bread grain segment, many mills appear to have already stocked up until summer. The coming harvest is discussed from time to time, but buyers and sellers are generally cautious due to the volatility on the stock exchange. In Europe, traders and market participants continue to keep an eye on the weather forecasts. Concerns about quality and expected yields remain. Weak export demand is also a burden. Traders report that export activity has recently been thin. This is partly due to the lower demand from Muslim countries due to the fasting month of Ramadan. At the CBoT, the USDA's condition assessments were the main drivers of the market. 56 percent of the stocks are in good or very good condition. No consistent trend is apparent this morning before trading.

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