Wheat prices continued the upward trend yesterday. In Paris, the December contract rose by EUR 5.25/t. This means that wheat prices have again reached a level of over 350 euros/t. The Russian policy surrounding the annexation of the occupied Ukrainian territories is once again driving up prices. The implementation of the measures planned by Putin is also likely to significantly jeopardize the chance of continued grain exports. In addition, Ukraine reports an attack on the port city of Odessa. According to the Ukrainian authorities, the country on the Black Sea has exported 8.00 million tons of grain in the current season, which is more than 40 percent less than last year. On the CBoT, prices climbed north for the same reasons. Support also came from the weather front. Dry weather in the Southern Plains is likely to hamper planting of winter wheat for the next few days. The drought in Argentina is also once again dampening the yield expectations for the wheat harvest there. Harvest work is underway in Canada, but progress is slow. Instead of the average 79 percent, only around half of the stocks have currently been harvested.
Source
VR AGRAR
