While the signs on the CBoT yesterday were deep red again, wheat was able to strengthen again on the Euronext/Matif and close the trading day with slight gains. The European prices are supported by the rumor that Algeria is said to have booked up to 660,000 tons of wheat in Europe. Tunisia has also announced a tender for today. Despite the lack of information from France, EU exports reached 1.77 million tons in the first month of the new marketing year. That is 200,000 tons more than in July 2021. Wheat went south at the CBoT. The prospect of another 18 ships leaving Ukraine was just one reason. New tensions are expected between the US and China over Democrat Nancy Pelosi's visit to Taiwan. In the wake of the resulting negative commodity and financial markets, wheat then lost value. The US dollar, which has become stronger again, is also curbing the export fantasies of market participants. Wheat prices start today in pre-market CBoT trading with a slight green sign.
Source
VR AgrarBeratung AG
