Wheat breaks downtrend

After the price losses of the past few days, wheat prices stopped their downward trend and rose again yesterday. Several factors are responsible for this rebound. The recently lower price level was used to build up new positions. At the same time, very high temperatures are forecast for Europe and the Midwest in the USA in the coming days, which are likely to affect wheat stocks on both sides of the Atlantic. On Monday there was still no news from the negotiations in Ankara on the sea transports of Ukraine. Commodity markets as a whole, which picked up yesterday, also provided corresponding support for the wheat. US wheat shipments, on the other hand, were disappointing. In the week ending July 14. 185,989 tons of wheat were shipped. That is another 48 percent less than a week ago and almost two thirds less than in the same week last year. Pre-market, the eCBoT is currently showing slightly weaker wheat prices.