Wheat: below-average harvest in Lower Saxony

Wheat went north on the Euronext/Matif yesterday. The most traded December contract gained 1.25 euros/t and closed the penultimate trading day of the new week at a price of 238.50 euros/t. The picture on the spot markets remains unchanged. Concentrate feed factories in particular are only sporadically active in their purchasing behavior. Bid and ask prices differ widely depending on the region. As reported by the Lower Saxony Chamber of Agriculture, the yields in the northern German state are below average. Producer prices are also well below the level of the previous year. Feed qualities dominate here. New attacks by Russia on the Danube port in Ismail had an impact on the international markets yesterday. The harbor was attacked here with drones. There is no information available this morning about the extent of the damage. In addition to the geopolitical situation, profit-taking dominated the CBoT. Technical selling was also cited as a driving force in price development. The most traded December date closed at 599.75 US cents/bu and is therefore quoted at the equivalent of 205.95 euros/t. Pre-market trends are again weaker on Friday.

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