Wheat contracts fell again yesterday on both exchanges. In Paris, the December date lost 5.25 euros/t and in Chicago it went southwards in double digits across all dates. The markets are surprised by the extremely rapid exports from Ukraine. Yesterday three more ships cast off, five are on their way to the Ukraine. In its most recent harvest estimate, the German Raiffeisen Association made little change to the previous quantities. The DRV estimates the wheat harvest (summer, winter and durum wheat) at 22.64 million tons. This is 0.4 million tons more than the July estimate. This is mainly due to corrected acreage. India raised its own forecast for the wheat crop by 0.4 million tons and expects a 106.8 million tons wheat crop. This came as a surprise to most, as the country is suffering from a severe drought. The eCBot is again showing losses of around 1.2% this morning.
Source
VR AgrarBeratung AG
