The wheat sell-off continues incessantly. In Paris on the Euronext/Matif, prices in the front month of May went south by EUR 5.50 per tonne. At the time of the bell, the rate on the exchange rate board was EUR 248.00/t. Prices are also falling on the spot markets. Bread wheat (wholesale price) carriage paid in Hamburg was reported this morning at 260 euros/t, on the Upper Rhine it is 253 euros/t. Last Friday it was still 278 euros/t and 271 euros/t. In addition to the extension of the grain corridor for Ukraine, which continues to put pressure on prices, heavy rainfall in large parts of Europe also weighed on prices, especially for the new crop. The EU forecast service MARS sees the stocks in good condition and the mild winter weather and normal precipitation in Central Europe mean that the yield expectations are higher than in the previous year. only southern Spain and Portugal are showing signs of drought. Weather reports also weighed on the course of the CBoT. Precipitation is falling or has been reported for large parts of the plains, but overall it is mostly too dry, especially in Texas and Kansas. Today the USDA will report last week's weekly export sales.Analyst estimates range from 140,000 tons to 550,000 tons. Before trading, the prices on the eCBoT this morning can make up some of the losses from the previous day.
Source
VR AGRICULTURAL
