Wheat again in the loss zone

The recovery in wheat prices was short-lived. Yesterday, the front month on Euronext/Matif in Paris lost 2.25 euros to a closing price of 214.50 euros/t. Prices have also recently been weaker on the cash markets in Germany. Overall, the grain business remains without momentum. Traders also attribute this to the recent week of protests, which has pushed the marketing of stocks and the coming harvest into the background. The participation of many logistics companies in the demonstrations has also limited freight capacities. Farmers are currently very cautious, especially when it comes to making decisions for the coming harvest. European wheat exports have currently reached a volume of 16.8 million tons and are therefore around 7 percent behind the volumes of the previous year. Last week, however, a little more quantity was exported again. The recently weaker euro and the shrinking price gap to Russian export prices increase Europe's opportunities. In the Algerian tender, France, Romania and Bulgaria, among others, are considered to have good chances. After the trading break on Monday, the CBoT started the new week yesterday with double-digit losses.The bearish guidelines from the most recent WASDE were still having an impact here. The higher valued offer both in the USA and globally is depressing the mood of market participants. The US dollar has also gained slightly again, making US prices more expensive. The USDA released fresh export shipments. Accordingly, 234,000 tons of wheat were loaded last week, around 50 percent less than the previous week. Even from the perspective of the season so far, export shipments are lagging significantly behind the previous year. A little more than 2 million tonnes were exported less in the current season. There is still no clear trend to be seen on the CBoT before the trading session.

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