Wheat signs were different on the two sides of the Atlantic yesterday. Wheat prices held up slightly on Euronext/Matif while CBoT trended south. At the end of the trading day there was a plus of EUR 0.25 for the front month and a closing price of EUR 297.75/t. According to initial assessments, the recent cold spell in Europe has not caused any significant damage to winter wheat crops. As the forecast service MARS announced yesterday, minor winter damage is primarily limited to central and eastern Germany and parts of Poland. According to MARS estimates, however, many stocks in parts of south-eastern Europe lack sufficient frost tolerance at the current time. According to the Russian analyst firm Sovecon, Russian exports have recently been able to increase despite the bad weather conditions on the Black Sea. The US was also able to increase its weekly exports. With shipments of 304,108 tons, 38.6 percent more wheat was shipped than in the previous week. The previous deficit compared to the previous year has thus been reduced to 215,000 tons. There is currently heavy rainfall in Argentina, which is clearly benefiting the vast areas.However, the grain exchange in Buenos Aires cut the production estimate again this week by 3 percent.
Source
VR AGRICULTURAL
