Wheat takes a breather - strong export figures reported from Ukraine

The majority of contracts in Paris rose slightly yesterday. For the front month of March 24 it went northwards by 1.75 euros/t to 212.50 euros/t. The May contract, which is now trading in a similar volume to the leading March contract, also ended the first trading day of the new month slightly positive. Things went marginally south for the dates of the coming harvest. As a result of the declining contract prices on Euronext/Matif, there were some significant declines in prices at the wholesale level in this country. Bread wheat free wholesale Hamburg is quoted at 215 euros/t, feed wheat free South Oldenburg is quoted at wholesale level as 203.00 euros/t. In the international trading floor, traders are looking at new figures from Ukraine. The USDA had already significantly increased the export potential for the country in a special report on Wednesday. According to official Ukrainian figures, 4.3 million tons of agricultural goods were shipped through the Black Sea ports in January and 4.8 million tons in December. The country has thus returned to pre-war levels and has even exceeded the record of 4.1 million tons/month from the grain corridor era. Across the Atlantic, wheat prices mostly rose. Export sales, which were published yesterday, did not bring any notable surprises at 322,500 tonnes, but were well below the previous week's figures. The USDA's quarterly report on flour processing was in line with expectations and, at 226 million bushels, was only slightly below the previous year's volume. Argentina has now been able to significantly increase its wheat exports again after last year's poor harvest and exported wheat worth 1.3 billion US dollars last month, almost 64 percent more than in January of the previous year. The fact that Argentina can export more goods again is also attributed to the reform efforts of President Milei, who massively devalued the peso. Pre-market, the contracts on the CBoT are trending in slightly friendly waters today.

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