The wheat contracts in Paris started this new week inconsistently. While the front date and the most traded December date closed with losses, later deliveries went north. For Germany, many producers are optimistic that the current grain harvest should be over by the end of next week. Moscow's Ministry of Agriculture is more skeptical about the wheat harvest and has lowered its own export forecast by 50 million tons. Russian farmers are increasingly struggling with problems when harvesting. Due to the sanctions, they can hardly get spare parts for their harvesting machines from abroad. The US winter wheat harvest is 86% complete, slightly slower than the average for the past 5 years. In addition, the USDA revised spring wheat condition ratings down a significant 6% yesterday. Currently, 64% are said to be in good to very good condition. In addition, export shipments showed a significant increase in the past week, which is why prices at the CBoT were able to increase yesterday. Today's pre-market trading shows firmer wheat prices in the USA.
Source
VR AgrarBeratung AG
