Wheat: High US export sales

Wheat prices on Euronext/Matif were under pressure again yesterday. The front month of September fell by EUR 4.75 to a price of EUR 237.50/t. Wheat prices – especially fodder wheat – have also recently been under price pressure on the cash markets. Because of the stocks that have not yet been threshed, market participants in Germany are assuming that there will be a high proportion of animal feed qualities. For bread grain, the stocks that are still standing, particularly in southern Germany, are no longer likely to be sufficient. Accordingly, concentrated feed mixers are currently showing restraint in their demand and are increasingly making purchases on sight. The fire in a grain silo in the French loading port of La Rochelle caused a stir yesterday. However, a large contingent of the fire brigade ensured that neither people nor crops were injured. Internationally, Syria, Jordan and Egypt are currently active in the market with larger tenders. Because of the uncertain situation in the Black Sea, Russian exporters have also become more cautious with offers, according to insider circles. On the other hand, wheat prices rose on the CBoT. Here, above all, very good export sales are supporting the price development.The USDA reported export sales of 567,600 tons of wheat, one of the highest values in months. Biggest buyers in the US this week are buyers from Japan and the Philippines. For today, market participants are mainly looking at the August WADE figures, which the USDA will publish at 18:00 CET. Pre-market, there is still no clear direction on the CBoT.

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