Wheat: Russian export prices stable

Yesterday the bears had the upper hand in the wheat market. The front month of December closed with a loss of EUR 2.50 at EUR 224.25/t. The subsequent contract in March lost the same amount and stood at 229.75 euros/t at the closing bell. On the CBoT, the December contract went south by 7.25 US cents with a closing price of 543.50 US cents/bu, which corresponds to a converted rate of 182.49 euros/t. corresponds. The weather situation in Central Europe remains unchanged and wheat sowing is making slow progress. From Russia it is said that export prices have remained stable; the consulting firm Ikar quoted FOB prices of 230 US dollars per ton from the Black Sea port (free on board). According to Sovecon, Russian export volumes have suffered a slight setback in the last week. For November, analysts expect an export volume of 3.9 million tons, compared to 4.3 million tons loaded in November of the previous year. At the CBoT, the mood was once again depressed by weak export shipping figures. Last week only 358,254 tons were inspected, which is 61 percent more than the previous week, but overall US exporters have loaded around 2.5 million tons less in the current season.In addition, many market observers are reporting good inventory developments in US fields. After trading, the USDA released its weekly crop report. In it, 48 percent of the winter wheat stocks were rated “good” or “very good,” which means significantly better stocks compared to the previous year, when just 32 percent had this rating at that time. 87 percent of the inventory has already arrived. On the cash markets in Germany, prices are falling both at the producer level and at the wholesale level. Trading remains manageable at the start of the week. However, smaller quantities for short-term deliveries are traded from time to time. Franko Südoldenburg yesterday prices for feed wheat were 218 euros/t, and for feed barley it was 207 euros/t. Sellers in particular are currently taking a wait-and-see approach.

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