Wheat prices continue to be under pressure: export competition from the Black Sea weighs on them

Wheat contracts are also heading south on the second trading day of the year. The front month of March 24 closed yesterday at 219.25 euros/t, 1.75 euros/t lower than on Tuesday. The subsequent contracts usually fell more significantly. Overall, competition from Russia in particular is weighing on price developments. Russia obviously continues to offer significantly more favorable conditions than Europe's exporters can offer. US exports are also affected. In addition, despite the recent attacks on the port city of Odessa, Ukraine continues to prepare large quantities of grain for shipping. The increasing fears of reduced yields for winter wheat in France and Germany due to the high amounts of rainfall are increasing, but are not yet having a very lasting impact on price expectations. In international business, participants continue to worry about the situation on the Red Sea. As the shipping companies Maersk and Hapag-Lloyd have announced, they will take the longer and more expensive route around the Cape of Good Hope. Yesterday, India reported the lowest wheat stocks since 2017. As of January 1, the country had 16.5 million tonnes in storage. It is speculated that the reserves will fall to less than 7.5 million tonnes by the start of the season in India on January 1st.could fall in April. Wheat also went south on the CBoT yesterday. This morning the contracts are trending sideways.

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