Wheat: export competition weighs on price developments

At the end of the week, wheat prices on the Euronext/Matif in Paris went south. The front month of March closed a significant EUR 3.50 lower at a closing price of EUR 214.75/t. Over the last week as a whole, the March contract fell by 3.25 euros/t. The main reason for the price setbacks in Europe is the competitive situation from the Black Sea region. Particularly because of the problems with the route in the Red Sea, there are fears that larger quantities of grain from Ukraine and Russia could end up in classic EU destinations such as Algeria or Morocco, further depressing prices in this region. At the end of last week, the consulting company IKAR reported falling Russian export prices, which are currently around 238 US dollars, around 4 US dollars lower than a week ago. The Russian field stocks are assessed to be in good condition. Although the temperatures are very cold, a protective snow cover is present in all winter wheat regions. On the CBoT, wheat also went south on Friday. Here, unlike on Matif, the contracts increased slightly on a weekly basis. Profit-taking is believed to be the main reason for the price decline on Friday. But a lack of news from the grain market as a whole also meant that many market participants closed their positions before the weekend. Weak guidance from corn had an equally bearish effect. Premarket, the weak trend continues this morning.

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