Wheat in Paris negative again - CBoT prices slightly up

Wheat prices were also under pressure on Euronext/Matif on Friday. However, the losses were more marginal than in the previous days. The front month of March slipped by 0.50 euros/t to 220.75 euros/t. The subsequent contracts showed negative signs to a similarly manageable extent. Export competition from Russia continues to dominate trade. The stronger euro is also reflected in price expectations. However, Russia's exports are currently running with the handbrake on. In many ports there is limited work because many workers are on New Year's holidays. However, export prices fob, at US$236-240 per tonne, are around US$10 cheaper than what is currently being traded in European ports. Russia's recent attacks on Odessa and other port cities appear to have had no impact. The damage was apparently minor. Nevertheless, Ukraine has problems with overland transport. Polish farmers in particular often block important border crossings in protest against grain deliveries from Ukraine. Little turnover is expected on the cash markets this week; the protests today and in the next few days are likely to deter many producers from trading.On the CBoT, however, wheat prices were able to close the weekend with positive signs after days of losses. Increased short covering provided technical support. In contrast, weekly export sales fell in the week ending December 28th. disappointing at 131,600 tonnes. New figures on production and consumption as well as the development of ending stocks are expected on Friday in the first WASDE of the new year.

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