Wheat: producers withhold goods

Wheat prices on the two important stock exchanges went south on both Monday and Tuesday. The December contract on Euronext/Matif fell by 0.50 euros/t on Monday, then yesterday, Tuesday, it fell again by 2.25 euros/t to 229.50 euros/t. The premiums for feed grain have recently improved on the cash markets, and the poorer quality lots appear to have mostly been sold off. Overall, however, trade remains manageable. Yesterday's public holiday in northern Germany and today's public holiday in many western and southern federal states are slowing down trade overall. Sellers are also often dissatisfied with the price level offered and are therefore continuing to hold back the stored lots. Futures for the coming year are rare. In Europe, wheat prices are being weighed down by weak export data. According to Commission figures, only 144,000 tonnes were exported last week, which is the weakest value in the current marketing year. For the year as a whole, Europe exported around 22 percent less common wheat than in the same period last year. It seems that shipping traffic to Odessa is running relatively smoothly.More ships were loaded and were able to leave Ukraine with agricultural goods, which provided additional selling points on the stock exchange. Across the Atlantic, prices are also still under selling pressure. Winter wheat sowing continues at the usual pace, and by last weekend 84 percent of the targeted areas had been cultivated. 47 percent of the areas ordered so far are rated as being in good or very good condition, and around two thirds of the areas ordered have already come into fruition, which roughly corresponds to the average of the last few years. Before the trading session, the contracts on the CBoT on Wednesday do not show a consistent picture; dates for the current harvest are slightly up, but the contracts for the coming wheat harvest are trending weaker.

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