After initial gains, wheat contracts slipped into the red during yesterday's trading. The September date in Paris loses 4.50 euros to 352.50 euros/t. With the announcement from Ankara that a meeting between Presidents Erdogan and Putin is planned shortly in order to achieve relief for Ukrainian grain exports, prices turned around. The German Farmers' Association confirmed its forecast for the German grain harvest at a total of 42 million tons yesterday. Harvest work in the USA is progressing well. By the weekend, 63 percent of the wheat fields had been harvested, around 2 percent more than would otherwise be the case at this time. Compared to the previous year, the harvest is progressing 9 percent faster. Accordingly, the CBoT courses also went south from September 2022. US export shipments are significantly lower than last year. Last week, 310,000 tons were loaded, which is 110,000 tons less than in the same week last year. However, the pre-market prices on the eCBoT are rising again today, but they are still far from making up for the losses of the previous day.
Source
VR AgrarBeratung AG