Wheat: Still no agreement on the grain agreement

Wheat contracts on the Euronext/Matif were largely unchanged on Friday. On a weekly basis, however, there are clear losses. While the December contract was quoted at EUR 339.25/t on Friday of the previous week (November 4), it was still EUR 327.25/t at the close of trading last Friday. A similar picture can be seen on the local cash markets and on the American CBoT. There is currently no agreement regarding the ongoing talks on the continuation of the grain corridor. On 11/19 the previous agreement expires as planned. The Ukrainian Ministry of Agriculture recently reported a 57 percent drop in wheat exports in the current season compared to the previous year. 5.6 million tons have been exported so far in the 2022/23 season. On the CboT, prices rose slightly on Friday. The recently significantly lower price level is attracting more and more buyers to the market. The reduced earnings expectations in Argentina are also supporting trading on Friday. However, pre-market prices in Chicago are declining again this Monday.