Wheat weaker on a weekly basis

Prices on Euronext/Matif closed mixed on Friday. For the front month of December it went south by 0.50 euros to 235.75 euros/t, later dates tended to be unchanged or slightly weaker. However, on a weekly basis, the wheat contracts closed with noticeable losses. On Friday of the previous week, the December contract had a price of 243.50 euros/t on the display board. Overall, the competitive situation on the world market remains the determining factor in the grain trade. The Ministry of Agriculture in Kiev reported that three more ships were heading towards Ukraine's Black Sea ports. A total of 127,000 tons of agricultural goods are scheduled for shipments to Spain, Egypt and China. At the same time, Russia's military attacked the port of Odessa again. With regard to Ukraine's dispute with its European neighbors, a solution is emerging with Slovakia and Poland. The government has once again withdrawn its threat to file a complaint with the WTO. According to ICAR, Russia's export prices have continued to fall and are currently in a range between 235 and 244 US dollars/ton, another 5 US dollars less than a week ago. At the CBoT, wheat headed north at the end of the week.The contracts were able to benefit above all from friendly conditions for soy and corn. However, the international competitive situation and the recent poor demand for US wheat remain a dominant issue in Chicago. Before the trading session, the contracts have red signs again today.

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