Wheat: Drought in Argentina and Australia is coming into focus

At the end of the week, the contracts in Paris closed somewhat weaker. The leading December contract closed 0.50 euros/t lower at 234.75 euros/t. The subsequent contracts sometimes lost a little more. Overall, there was a wait-and-see attitude towards the weekend. Russia's export prices have stopped falling and are currently stagnating. The Russian harvest is at the target level; it is reported that 88 percent of the areas have already been harvested. Russia's statistics agency states that as of September 1st. Around 28.8 million tons of wheat were stored, around 9 percent less than a year ago. At the same time, the market is torn between the news about the Turkish freighter that was hit by a sea mine and the news that Ukraine can continue to transport agricultural goods and ships are on their way to Ukrainian ports. Weather data is increasingly coming into focus again. It is currently dry in Ukraine, and the Ministry of Agriculture in Kiev assumes that less winter wheat will be sown this season. Stocks in Australia and Argentina are also currently suffering from drought. The grain exchange in Rosario (Argentina) reduced its forecast to 15 million tons last week due to the drought.Things remain manageable on the cash markets. However, feed wheat and feed barley traded somewhat more firmly on Friday. After the significant gains on Thursday, the CBoT recently fell significantly. Profit-taking is primarily cited as the reason for the setback. Pre-market, the contracts on the CBoT have green signs today.

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