Wheat enters the weekend with losses

At the weekend, wheat prices in Paris suffered slight losses. The front month saw a decline of 1.25 euros/ton to 232.25 euros/ton. The latest data from the EU Commission showed that wheat production could total 125.5 million tonnes, around 200,000 tonnes higher than the previous forecast. The export volume, however, was revised downwards to 31.00 million tons (-1 million tons compared to the previous forecast). In the USA, wheat contracts were unable to recover on Friday and also ended the trading day in the red. Shipping on the Black Sea has been without any major incidents in the past few days, so rumors that transport was stopped due to Russian attacks were not confirmed. In Argentina and Australia, drought-stricken regions received solid rainfall shortly before the weekend, putting additional pressure on wheat prices. Harvesting work in Argentina is currently going quite quickly. The experts at the grain exchange in Buenos Aires report that around 7% of the stocks have been harvested so far. However, yields have so far been weak at an average of 1.3 tonnes per hectare.

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