After the downward slide was interrupted on Friday, wheat prices also started the new week yesterday with clearly green signs. The euro fell below $1 yesterday, making European wheat even more attractive on the world market. Harvest balance sheets from Germany show a heterogeneous picture. While there was more significant damage to wheat yields in Bavaria due to the drought, NRW reported a wheat harvest of 2.15 million tons, which corresponds to an increase of 11 percent compared to the previous year. Here the average yield is 8.7 t/ha, in Bavaria it is 7.8 t/ha. Above all, better export figures are supporting trade at the CBoT. Although the quantities are significantly behind those of the previous year, the previous week's quantities can still be exceeded. The US spring wheat harvest continues to progress very slowly. Currently 33 percent of the areas have been harvested, on average it is already 54 percent by mid-August. Pre-market, the wheat contracts in Chicago start again today with gains in the trading day.
Source
VR AgrarBeratung AG
