Yesterday, wheat contracts on both the Paris and Chicago exchanges showed their bearish side. The December date on the Euronext/Matif lost EUR 6 and closed at a settlement of EUR 330.00/t. In particular, positioning for today's upcoming WASDE is causing the correction in wheat prices. Market participants in Europe and America are eagerly awaiting the assessments of Argentina, which is suffering from a severe drought, and of Australia. In Down Under, heavy rainfall is currently endangering the quality of the stocks. The US winter wheat stocks are still badly rated, only 28 percent are in good or very good condition. Sowing is almost complete at 92 percent. President Zelenskyy, together with the US Ambassador to the United Nations, said yesterday that his country will definitely stick to the grain agreement and is ready for a one-year extension. Ukraine's goal is clear, to further expand exports. The euro closed yesterday for the second day in a row above parity with the US dollar, reducing the competitiveness of European exporters a bit.
Source
VR AGRICULTURAL
