Wheat prices began to recover

Wheat began to recover on Friday and closed the most traded front month of March 24 with a gain of 4.50 euros/t and a closing price of 209.50 euros/t. Many market participants took advantage of the sharp price declines of the last few trading days to build up new positions in the wheat market. The news that Russian export prices have recently risen again also provided support. Significantly better weather conditions on the Black Sea have also caused export volumes to increase again. In the meantime, nothing has changed in terms of the basic competition. Ukraine has also recently shown itself to be able to deliver well. Current export figures from the EU are not currently available. Due to technical problems, the EU Commission wanted to publish the current quantities last Friday instead of last Tuesday. However, the technical problems continue, so fresh export quantities are expected in the next report. In the last report, the export count was 18.23 million tons; last year it was already 19.22 million tons at the same time. The largest buyers so far are Morocco and Nigeria, followed by Algeria. Wheat prices also began to recover on the CBoT. Here too, a technical countermovement is primarily cited as the reason for the gain after Thursday's losses. Heavy rainfall is expected for northern Texas over the next seven days, while Nebraska and Kansas are expected to remain dry. The stock exchange's current COT report shows that professional investors are currently invested net short and are therefore betting on falling wheat prices. Premarket contracts are trending weaker today.

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