Winter wheat sowing in Ukraine on the home stretch

On Friday, wheat prices on Euronext/Matif continued to head south. The most traded March date closed 3 euros/t lower at 225.75 euros/t. The contract is now at its lowest level in two years. Market participants are currently primarily focusing on the global competitive situation. Export prices in Ukraine are significantly lower than those from Europe and Russian lots are also traded at consistently lower prices. The development of the euro also further limits the competitiveness of local exporters. The latest export figures from the EU Commission continue to show very below-average demand for European grain. It is reported that winter wheat sowing in Ukraine is taking place on an area of 4 million hectares and is therefore almost complete. The cultivated area is expected to be approximately at the previous year's level, but is still 40 percent below the pre-war level. After the trading break on Thursday, wheat on the CBoT also went south. In addition to the global competitive situation, the negative requirements from other raw material markets also weighed on wheat prices. Because of the holiday, the USDA did not release weekly export sales until Friday. With 171.000 tonnes, the market as a whole was disappointed and the lowest weekly value was recorded since mid-July. This morning, before the trading session, there were again slight attempts at recovery in electrical trading in Chicago.

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