27.
09.23
08:45

Wheat unchanged on both sides of the Atlantic

Although the wheat contracts started yesterday's trading day on a positive note, in the end the prices remained flat. The leading December date left the meeting unchanged with a closing price of 240.25 euros/t. As a result of the price jumps on Monday, the spot market quotations went north yesterday. Feed wheat freight free Süddoldenburg was quoted at 221 euros/t yesterday, which was 1 euro higher compared to Friday. The demand for milling wheat is limited to small quantities or to later delivery times that are in the new calendar year. Overall, however, both farmers and buyers are cautious; expectations of further price developments are too different. Internationally, however, there is higher demand. Tunisia is active on the market with a tender for 100,000 tonnes, and Egypt is conducting direct talks with Russia at a high government level about further wheat deliveries, according to insiders. Recently, the Egyptian state grain purchasing agency increasingly rejected Russian offers due to different price expectations. Last week, Europe's exporters were able to export 245,000 tons of common wheat to third countries.This is about half as much as in the previous week and is also well below the average for the previous weeks this financial year. Total exports arrived at 6.87 million tons. In the same period last year there were already 9.4 million tons. On the CBoT, the leading December contract also ended trading unchanged. In the run-up to the quarterly report on US inventories, traders are acting more cautiously.

Source
VR AGRICULTURE
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