Wheat: US export shipments disappoint again

Yesterday we headed south for the March date. The front month fell by 3.25 euros/t to a closing price of 210.00 euros. The follow-up contract in May fell by 2.25 euros to a price of 211.25 euros/t. The slight recovery on Friday could not be carried over into the new trading week. Prices on the cash markets are also falling at the start of the week. The vast majority of market participants continue to describe the trading volume as low. There is currently less demand for feed grain in particular, and many mixers are currently operating on sight. International price competition is still very strong. Across the Atlantic, the contracts on the CBoT were also trading in red. The US dollar has now reached its highest level since the fall of last year, further clouding the export prospects. The weekly export inspections published by the US Department of Agriculture yesterday evening were, at 266,269 tonnes, even weaker than in the previous week and are only half as high as the export loadings in the same week last year. For WASDE, many analysts are assuming that ending wheat stocks will be slightly lower in the USA, but will be increased at a global level. Before the market, the contract terms up to and including December 24 tend to be somewhat firmer, later dates are quoted at slight discounts.

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