Wheat prices went back slightly on Friday. The most traded May contract lost EUR 0.25 to EUR 275.25 per ton. After the significant price increases due to the uncertainties about the future of the grain agreement, some market participants use Friday to rake in profits. Turkey has announced that it is in favor of an extension and that it wants to negotiate in this direction. On Friday, Moksau used the opportunity to criticize the existing agreement again. The topic will continue to occupy the markets. However, there does not seem to be a clear opinion on the market as to whether the agreement will be extended or not. The CBoT also went south. Pre-market, the wheat contracts on the eCBoT started weaker today. After Argentina, Brazil has now also approved genetically modified wheat varieties. In particular, varieties that are more resistant to drought have been approved. Russia's consulting firm Sovecon expects a volume of 85.3 million tons for the coming harvest, around 700,000 tons less than in the last estimate. Russian exports are picking up speed again due to better weather conditions on the Black Sea.
Source
VR AGRICULTURAL
