After the very significant price gains on Monday, wheat prices in Paris and Chicago retreated more significantly yesterday, but without making up for Monday's gains. The front month of December on the Euronext/Matif fell back by EUR 8.25 to EUR 356.00/t. For one, many traders use the level to take profits. However, Monday's price reaction is also increasingly viewed as exaggerated. However, the situation in Ukraine has not eased in the meantime. According to Russia, it is considering suspending its own export restrictions for wheat this season, as this year's record harvest also allows this. Algeria has bought between 400,000 and 480,000 tons of wheat in an international tender, mostly in Russia. US export shipments in the last week were again 8 percent lower than in the previous week. In the run-up to the WASDE, which will be published today at 6:00 p.m. CET, market participants expect reduced global wheat ending stocks.
Source
VR AGRAR
