Wheat starts the new week with strong growth

At the start of the week, the contracts for wheat on Euronext/Matif are showing their bullish side. The front month of December climbed by 4.50 euros/t to 240.25 euros/t. There were also noticeably green signs in Chicago. The most traded December date overseas closed with an increase of 9.50 US cents at 589.00 US cents/bu and was therefore quoted at 204.33 euros/t. There is no clear direction on the CBoT this morning before the trading session. Russia attacked the Danube port of Ismail (Ukraine) again on Monday night. According to statements from Ukraine, the damage is significant. Both warehouses and their contents and numerous trucks fell victim to the attacks. Meanwhile, Ukrainian exports have plummeted. In September the country was able to export 1.57 million grains, compared to 3.2 million tons in September last year. Across the Atlantic, winter wheat sowing is progressing more slowly than in previous years. According to USDA information, 26 percent of the planned areas have currently been ordered. The average at this point in September is 29 percent. The spring wheat harvest is not yet completely complete, but is on the home stretch with a progress of 96 percent.On the other hand, the continued weak US export shipments are having a negative impact on prices. Last week, 455,000 tons were loaded at US ports. The USA's export count currently stands at 5.63 million tons, which is 2.2 million tons lower than at the same time last year.

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