Wheat went up again yesterday on the Euronext in Paris. At the end of the trading day, the December contract showed a plus of 2.75 euros/t. The Black Sea situation continues to be a dominant issue, but not as important as it was a week or two ago. Argentina's grain exchange has revised downwards its forecast for domestic wheat production this season by 1.3 million tons. A harvest volume of around 15.2 million tons is expected. The drought in the country and current temperatures below freezing point are clearly affecting the wheat stocks. The US export figures that the USDA published yesterday were disappointing across the board. In the week ended October 13, only 163,100 tons of wheat were ordered in the USA, in the previous week it was still 221,823 tons, the market had previously expected a sales volume of at least 200,000 tons. The fact that wheat prices were still able to increase at the CBoT is also due to technical purchases due to the recently lower price level. Weaker tendencies are showing again today before the trading day.
Source
VR AGRAR
