Wheat prices on the rise - weather conditions in Russia and the USA support

Wheat rose in yesterday's trading session on Euronext/Matif. The most traded May contract closed with a daily gain of 3.50 euros/t and a closing price of 204.50 euros/t. At the wholesale level, contract offers rose by an average of 1 euro per tonne for bread and feed wheat and also for feed barley yesterday. The fact that wheat prices rose significantly is due in part to the ongoing export problems in Russia. Most recently, Russian authorities stopped ships to carry out quality checks following complaints. Dry weather forecasts for the main growing areas in southern Russia are also supporting price expectations. Reports of attacks by the Russian army on the port of Chernomorsk and on a railway bridge to the port in Odessa are providing additional impetus. The EU Commission has not published any more recent export figures. There are still apparently technical problems in the reports from individual countries. Across the Atlantic, wheat prices rose slightly. The May contract in Chicago closed 0.75 US cents higher at 558.50 US cents/bu (191.02 euros/t). Drier weather prospects for the Midwest are supporting prices here. Today's WASDE is unlikely to bring many surprises. Nevertheless, traders are keeping an eye on the publication today at 6 p.m. our time. The weekly export bookings will also be published today. Wheat is trending slightly lower this morning in pre-market trading.

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