Wheat: Traders focus on competition from Russia and Ukraine

Wheat prices in Paris and Chicago are also in the red on the second day of the new week. On the Euronext/Matif, the leading September date went south by EUR 2.50 to EUR 227.75. The contract last traded at this price on July 12. In addition to the current high supply on the cash market, the report from Romania, according to which the government there is planning to double the monthly transport capacities for grain from the Ukraine to the Black Sea port of Constanta to 4 million tons, also had a negative effect. Land transport is currently posing major challenges for Ukraine, and truck capacities in particular are scarce. Yesterday, another Ukrainian port was attacked by Russia with threats, but nothing is known about the damage. However, since there have not been any significant bottlenecks in supply since the end of the Grain Agreement, traders and market participants are increasingly ignoring the critical situation on the Black Sea. Meanwhile, Russia is using the situation to outdo European and American exporters with cheap offers. In addition to the competitive situation and better weather prospects, the CBoT was primarily burdened by the rapid progress in the spring wheat harvest.25 percent of the stocks have already been brought in, which is 9 percentage points more than at the same time last year. Premarket contracts on the CBoT are trending friendly up to and including July 24 this morning.

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