On Friday, wheat went south again strongly. The most traded May contract closed with a loss of EUR 4.50 at EUR 191.50/t. The bearish mood stems primarily from the great competition on the global market. The euro gained slightly against the US dollar on Friday, with weak economic data from the USA putting pressure on the key currency. Canada reported that exports were up until February 25th. reached 12.31 million tons in the current season, which corresponds to an increase of over 8 percent compared to the previous year. Ukraine also exports heavily and in February reported the highest export volumes via the Black Sea since the Russian attack began. In February, 5.2 million tons of agricultural goods were shipped by sea. Around 90 percent of all the country's exports now go through the Black Sea. Russia's export prices are also under pressure. Most recently, the lowest export price in the last four years was determined at 215 US dollars/t (FOB). However, the pace of Russian exports has recently slowed somewhat. Wheat also fell significantly on the CBoT. The leading May contract closed with a loss of 18.50 US cents at 557.75 US cents/bu (189.13 euros/t). There is still no clear trend on the CBoT before the trading session. Currently the contracts tend to have marginal premiums.
Source
VR AGRICULTURE
