14.
11.23
08:15

Winter wheat sowing in France remains problematic

Wheat left yesterday's trading session in the green, making up for Monday's losses. The front month of December increased by 1.50 euros/t and closed at 233.75 euros/t. The follow-up contract in March also increased by 1.50 euros/t to 238.00 euros/t. Wheat also sold more strongly on the CBoT. However, with an increase of 3.75 US cents in December, the losses from Monday were not completely made up. Converted, December in Chicago is quoted at 198.79 euros/t. The market as a whole was supported by a new estimate from the Ukrainian Grain Association. One representative estimated the winter wheat area for this season at around 3.8 million hectares, half as much as in 2021 before the Russian attack. Many areas are still unusable because of the fighting. In addition, the summer grain harvest brought in little revenue in order to finance the seeds for the coming season. In the USA, winter wheat sowing is on the home stretch. Currently 93 percent of the areas have been cultivated. This means that sowing is progressing somewhat more slowly than market participants would have expected in advance.In Europe, the problems remain due to the abundant rainfall in many important growing regions. Due to technical problems, the EU Commission did not publish new export figures for Europe yesterday. In the USA, contrary to the trend of the last few weeks, wheat shipments showed a significant increase of 93,000 tons compared to the previous week. In the week ending November 9, the USDA was able to inspect 207,000 tons.

Source
VR AGRICULTURE
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