Also on Friday the March-23 wheat contract on Euronext/Matif was trading below the 300 euro mark. With a closing price of EUR 297.50/t, the front month ended the trading week EUR 1.50 lighter. Black Sea exports, both in Russia and Ukraine, continue to be constrained by weather conditions. As reported by the Russian analysis company ICAR, the decline in export prices has slowed down. In the last week, the decline was only $1 a ton and the FOB price of Russian wheat is now quoted at $314/ton. On the local cash markets, wheat prices were largely unchanged on Friday with low sales volumes. Wheat also went south on the CBoT. Profit-taking resulted in slight losses. However, the improved global supply situation and returning global economic worries primarily weighed on trading on Friday. The fact that very positive US export figures were last reported on Thursday thus dissolved again as a bullish argument. The coming Indian harvest could be larger. The farmers there have cultivated around 3 percent more land since October 1 than in the same period last year.Pre-market, the eCBoT is also showing a red sign on Monday.
Source
VR AGRICULTURAL
