Wheat: Ukraine wants to insure ships

After the bullish end of the week, wheat on the Euronext/Matif went south again on Monday. The most traded December contract lost 2.50 euros/t and closed at 240.25 euros/t. The gains from Friday were not completely consumed. Profit-taking on the one hand, but also hopes of an imminent revival in Ukrainian grain exports, have caused wheat to trend weaker. According to informed circles, the government in Kiev is trying to insure ships calling at Ukrainian ports. Discussions are currently being held about a concrete risk sharing between an international insurance company and the state of Ukraine, it is said. The government is also examining new routes across the Black Sea. The CBoT also went south. At 311,314 tons, the published export inspections were higher than the loaded quantity of the previous week, but they are still well below the previous year's level. In Canada, the local agricultural authority expects a lower wheat harvest due to the current heat wave. This should now be 33.2 million tons and is thus around 2.12 million tons lower than previously expected.There is little news in the spot markets. Producers and traders continue to await the latest development, the traded quantities are still relatively small for the harvest season. Today, the German Farmers' Association will take stock of the first harvest. A below-average grain harvest and high regional differences are expected.

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