03.
01.24
08:52

Wheat starts the new year with a red sign

Wheat prices are starting the new year in the red. The front month of March closed on the Paris stock exchange with a loss of 1.50 euros and a closing price of 221.00 euros/t. Overall, as expected, there was a lack of news on the first trading day of the new year. Traders were still processing the lower estimates for Russian exports from the consultancy Sovecon. Because of the uncertainties on the Red Sea and the resulting increased freight surcharges, wheat exports are likely to be slower. However, since European exports have not been particularly dynamic recently and the euro had reached a multi-month high against the US dollar at the end of 2023, the report did not help the prices into the profit zone. The renewed attacks around New Year's Day repeatedly hit port infrastructure in the important transshipment port of Odessa. In November and December, however, Ukraine was able to transport large quantities of grain out of the country by sea. The Ministry of Agriculture in Kiev reported exports of over 1.75 million tons of grain in these two months. Since the beginning of this season, the country has exported a total of 7.2 million tons of wheat. The CBoT fell very significantly on the first trading day of 2024.The front month of March 24 closed with a double-digit loss of 21.25 US cents/bu and was quoted at 606.75 US cents/bu (203.71 euros/t) at the closing bell in Chicago. Here, traders were primarily processing the recently weak export figures. With 9.6 million tonnes loaded so far, the volumes are well below the previous year's figure, when 11.9 million tonnes had already been exported. There is still no clear direction on the CBoT before the trading session.

Source
VR AGRICULTURE
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