The wheat quotation on the Matif fell to its last level in a week today. That is in line with the large price fluctuations of the last few weeks. The contracts for the new harvest are more firmly in place in that regard.
The March wheat contract has dropped to €384,25 per tonne. That is a decrease of 4,8% from yesterday's closing price. The May contract also showed a decrease, but this was limited to 1%. That brings the May contract to €368,50 per tonne. The contracts for the new harvest were on the rise today. The September contract stands at €315,25 per tonne, an increase of 0,8% compared to yesterday's closing price. May 2023 increased by 2,1% but remains the only contract for the new crop that remains below the €300 mark with a closing price of €297,50 per tonne.
The maize quotations on the Matif followed a similar pattern as the wheat. Here, too, the harvest suffered somewhat. The June contract closed 1,3% lower at €344 per tonne. The contracts for the new harvest showed a modest plus. The November contract closed 0,2% higher compared to yesterday at €266 per tonne. The steady advance of rapeseed on the Matif today has been broken today. Yesterday, the April contract for rapeseed closed at €891 per tonne, the highest price ever. Today, the listing lost 1% to close at €882 per tonne. The July contract stands at €760 per tonne. that will gradually decrease to €703,25 per tonne for April 2023.
Worries are far from gone
The Wasde report, which caused a significant price drop on the CBoT last night, has therefore not been transferred to the European market. Several organizations such as the USDA yesterday, but also the FAO earlier this week emphasize that there are no acute shortages of wheat. Now that the initial unrest in the market has subsided immediately after the war, traders and other players in the market are going a long way. Nevertheless, various governments are taking measures to be sure of sufficient wheat. Ukraine and Russia have both imposed export restrictions. Hungary has already imposed an export ban on grains in the EU.
Today Egypt can also be added to the list. The country made famous the export of wheat, all kinds of flour, pasta, beans and lentils. The export ban will be in force for three months and will come into effect one day after publication in the Staats Courant. Those trade restrictions could also lead to a shortage of grains in the coming weeks despite the fact that there is sufficient grain on paper, even with wheat from Russia and Ukraine no longer available.