19.
07.23
10:04

Wheat prices are picking up again

After the mixed picture on Monday, wheat contracts rose again yesterday. For the front month of September, Euronext/Matif went north by 2.25 euros/t to 234.50 euros/t. The increase was not so much due to the end of the grain agreement, but rather to status assessments in the USA and the current Russian attacks on Odessa, for example. Odessa, one of the most important seaports also within the framework of the grain agreement, was attacked with rockets and drones on Tuesday night, with the attacks specifically targeting important port infrastructure. However, the market continues to speculate about the logistical capabilities of Ukraine's upcoming grain exports. After the analysis company Sovecon, the consulting company IKAR has now adjusted its estimate for the current Russian harvest upwards and expects 86.5 million tons instead of the previous 86 million tons. At the same time, however, the analysts at ICAR expect slightly fewer export opportunities for the country. Wheat also went north on the CBoT and the pre-market signs are green again today. Slow harvesting and surprisingly good health assessments for spring wheat stocks have provided a boost.51 percent of these areas are rated as good or very good, four percentage points more than a week ago. On the local cash markets, prices are stable to slightly rising. With the grain deal coming to an end, both buyers and sellers are hesitant. The wheat harvest in Germany, which is slowly picking up speed, also ensures that the market supply is decent overall.

Source
VR AGRICULTURAL
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