Wheat price drop short-lived

Losses incurred as late as Friday from the grain deal were partially recouped in both Chicago and Paris. The shelling of the port in Odessa means that many market participants are reluctant to believe that sea exports from Ukraine will actually resume. The responsible transport minister of the Kiev government explains that the export preparations are underway and that it is optimistic that the first deliveries from the port of Chernomorsk will start as early as this week. The other two ports would be operational from next week. With this announcement, wheat prices fell slightly from their daily highs. US export numbers are showing a lot better this week. At 475,000 tonnes, exports are almost 190,000 tonnes higher week-on-week. The US winter wheat harvest is 77 percent complete, down 3 percent from the average over the past five years. Pre-market profits are again showing on the eCBoT today. The December date has increased by 13.00 US cents/bu to 801.50 US cents/bu by 8:00 a.m.