Wheat: Little trade in quality goods

Wheat on the Matif is showing red signs at the start of the shortened week. The front month of May lost 1.75 euros/t yesterday, closing at 201.75 euros/t. As trading began today, the picture on Euronext is not yet clear. As expected, business activity on the spot markets in Germany remains low. Quality wheat is hardly being traded. Many mills are already well covered until the start of the new harvest. Feed wheat delivered to South Oldenburg was quoted yesterday at 194 euros/t, feed barley at 182 euros/t. The EU export figures published yesterday show weak demand last week. Just 90,000 tons were exported. The shortfall compared to the previous year's date has thus increased again slightly to 800,000 tons. Russia's analysis house Sovecon has meanwhile announced that it expects wheat exports in March to be 4.8 million tons. This is a new record for a March month. Across the Atlantic, wheat also moved south. The good condition ratings in the USA put pressure on price development yesterday. The geopolitical situation is also having a negative impact overall. The attack on the Iranian embassy has increased concerns about an expansion of the conflict in the Middle East. Before the trading session, the contracts on the CBoT increased slightly until midday.

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