Wheat prices continued to recover yesterday. In Paris, prices rose by EUR 4.25 to EUR 288.75/t in the front month. Compared to the closing price last Thursday, wheat gained 4 euros per ton on a weekly basis. The report from the Ukrainian Grain Association provided support, according to which its experts assume that the coming harvest will amount to a maximum of 16 million tons. In 2022, 20 million tons were still taken from the fields. The USDA last increased its forecast for Ukraine in the January WASDE and expected 21.5 million tons. At a conference in Paris yesterday, representatives of the USDA fueled doubts about the Russian harvest volume. Rostat last saw it at 104.4 million tons. Weather conditions as well as last year's results suggest that the Russian crop was smaller, USDA officials said. In the January WASDE, the US Department of Agriculture estimated a crop of 91 million tons for Russia. The CBoT also went uphill. The contracts gained double digits. In addition to the reports from the Ukraine and the assessment of Russia, good export sales provided a boost here. However, parts of yesterday's profits are given back before the market today.
Source
VR AGRICULTURAL
