Wheat prices were clearly green at the start of the week. In the front month of March it rose by 4 euros to a closing price of 288.50 euros/t. The weakening euro gave a boost yesterday despite the strong competition from Russia. Dealers are also hoping for surcharges in a new tender from Algeria, which is relatively small at 50,000 tons. There was no clear trend in price development on the cash markets yesterday, but market participants report that business is still being conducted primarily for short-term deliveries. Some feed mills are also looking for deliveries up to June, but forward transactions hardly ever come about. Many growers are obviously hoping that prices will improve as the year progresses. The CBoT, on the other hand, went south. Field health assessments in the US have deteriorated recently but have failed to provide support to prices. Weekly export shipments topped analysts' previous estimates at 536,000 tonnes. Despite the overall bullish news, red signs are also showing with the start of premarket trading today. The contracts on the CBoT glow red across all delivery dates.
Source
VR AGRICULTURAL
