Wheat: Hopes for Chinese demand drive prices up

For the second trading day in a row, wheat contracts on Euronext/Matif went north. The front month of December rose by 0.75 euros/t to 232.25 euros/t. The follow-up contracts also increased, although the increases here were lower. There is still a rising schedule curve for the rest of the season. Prices also received a boost from new reports from Ukraine that Russian warplanes have attacked objects along the new shipping route towards Odessa. However, it is said that shipping traffic will continue. Ukraine remains dependent on the alternative corridor in order to be able to export the country's good harvest. However, market participants on both sides of the Atlantic are increasingly turning their attention to China. The need for imports is considered high and because Australia will probably harvest significantly less wheat than last year, both European exporters and traders in the USA are hoping for good business with the Middle Kingdom. The contract prices were also quoted more firmly on the CBoT, even if there were quite different signs on the stock exchange over the course of the trading day. The weaker US dollar is supporting hopes of a revival of business in China.However, weekly export sales continued to fall short of analysts' expectations. Only 275,600 tons of wheat from the current season were sold last week, which is the lowest value in the last five weeks. Only 100,500 tons were loaded, which is around two thirds less than the average for the last four weeks. There is no clear direction visible on the CBoT this morning before the trading session.

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