19.
09.23
09:36

When it comes to wheat, the focus remains on the Black Sea

At the start of the week, wheat contracts on Euronext/Matif in Paris went south. The December date lost a significant 5 euros and closed at 238.50 euros/t. The situation on the Black Sea in particular was reflected in the price development yesterday. Due to the attacks on Ukrainian ports, including those on the Danube, many experts estimate the country's export potential to be lower. Russia's bountiful harvest is also putting pressure on global export prices. According to the analyst firm IKAR, these fell in Russia by $5 per ton to $235/t compared to the previous week. At the same time, IKAR estimates that up to 4.9 million tons of wheat will be exported in September, which would be around 800,000 tons more than in September of the previous year. The market as a whole is supported by good demand from China. According to official information, the Middle Kingdom imported 840,000 tons of wheat in August, almost 58 percent more than in August 2022. Looking at the year as a whole, around 53 percent more wheat was imported into China. Wheat also went down on the CBoT. The majority of weekly export shipments were disappointing and were below the volume of both the previous week and the same week last year.In the crop report released after the trading session, the USDA announced that the spring wheat harvest was 93 percent complete, which is also in line with the average pace of recent years. Winter wheat has been sown on 15 percent of the targeted areas and the sowing pace is therefore slightly slower than the average of the last five years. It is currently exceptionally hot in Australia. Depending on the region, temperatures are already between 8 and 12 degrees higher than average and temperatures are expected to rise again in the coming days, so farmers and market observers are very worried about wheat stocks. The CBoT prices are also trending weaker this morning before the trading session.

Source
VR
Rückrufservice
Please describe your request so that we can prepare for the callback.
Yes, I have read the Privacy Policy note and I consent that the data provided by me, including the contact data, for the processing of the inquiry and in case of questions are electronically collected and stored. My data will only be used strictly for my request and will not be passed without my consent. This consent can be revoked any time with effect for the future.'
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.

Register now

Jetzt registrieren und ZMP Live+ 14 Tage kostenlos testen!
  • Dauerhaft kostenfrei
  • Keine Zahlungsinformationen erforderlich