Wheat: Top qualities are traded

On the Euronext/Matif, wheat contracts rose yesterday. The September date closed 2.75 euros/t firmer at 234.25 euros/t. On the local cash market, the willingness to buy grain is reportedly limited overall. However, there are increasing numbers of contracts for flour grades and for malting barley. Overall, though, we are still taking a wait and see approach to demand. The shelling of the port on the Danube in the Ukraine was an issue in retail again yesterday and caused prices to rise. The analysis company Agritel from France yesterday estimated the forecast for French wheat exports at 17 million tons in the current season. That would be up on last year when 16.4 million tons were exported from the country. Around 9.5 million tons of this will go to countries outside Europe. The harvest is still valued at 34.8 million tons. However, wheat headed south on the CBoT. Weak export bookings of 400,000 tons in the past week mostly disappointed. Overall, about a quarter less wheat was sold in the season so far than in the same period last year. Pre-market the contracts up to and includingDecember 2024 on the CBoT this morning, later dates trend slightly weaker.

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