28.
09.23
08:53

Wheat: Green signs in Paris, red signs in Chicago

After the sideways movement on Tuesday, wheat prices in Paris went north yesterday. The front month December 23 rose by 0.75 euros to 241.00 euros/t. With the exception of the May contract, prices rose across all dates. Overall, the news situation was calm yesterday. The Paris stock exchange was still processing the EU Commission's export figures from Tuesday. Most recently, as reported yesterday, weekly exports were below the average volume of the previous calendar week in the current financial year. The cash markets continue to appear calm, but recently prices for bread wheat in particular have increased. According to Ukrainian government figures, 1.01 million hectares have been cultivated with winter wheat so far, which is 64 percent more than at the same time last year. However, the question of Ukraine's medium-term delivery ability supports prices overall. Compared to the previous year, grain exports have almost halved. The overall abundance of wheat on the Black Sea is putting a strain on prices, especially on the CBoT. Recently, export prices in Russia have been declining, which has also put pressure on export price developments internationally.For tomorrow's quarterly report on grain stocks from the US Department of Agriculture, the majority of analysts expect a slight decline compared to the previous year's result. At the closing bell, the most traded December contract in Chicago was down 9 US cents and had a closing price of 579.50 US cents/bu, which corresponds to a converted rate of 202.66 euros/t. This morning, before the trading session, there are slight green signs in the trading dates up to and including September 2024.

Source
VR AGRICULTURE
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