Yesterday, the front month of March on the Euronext/Matif went south by EUR 6.25. The follow-up contracts also showed a clear red sign. In addition to the competition from Russia for European exporters, the clearly negative signs on the CBoT are causing losses on the Matif. In Chicago, contracts also went south. The US dollar, which started to rise again right at the start of the year, and the prospect of a weak economy are pushing concerns about the quality of wheat stocks after the severe cold snap into the background. In addition, the wheat exports inspected by the US Department of Agriculture (USDA) of just 85,672 tons caused another price dampener. In the previous week, 313,707 tons had been exported, in the run-up to the USDA publication a volume of between 250,000 and 450,000 tons had been expected. First media reports that the government in India is planning to bring 2.1 million tons of wheat from the state reserves to the market in order to combat high inflation in the country. Pre-market, the eCBoT shows slight losses for grain today.
Source
VR AGRICULTURAL
