The wheat price on the CBOT plunged by 9.5% to below 1,100 US cents per bushel on Thursday. By contrast, the wheat price on the Euronext in Paris fell only slightly yesterday to €368 per ton. Strategists at Commerzbank now envisage a price level of 950 US cents per bushel in the second quarter while wheat on the Euronext is likely to trade at €320 per ton.
Current obstacles to wheat trading will be resolved as year progresses
“We are revising our wheat price forecast upwards and now envisage a price level of 950 US cents per bushel in the second quarter (previously 800 US cents) and of 800 US cents in the fourth quarter (previously 750 US cents).”
“Wheat on the Euronext is likely to trade at €320 per ton in the second quarter (previously €280) and at €250 by year’s end (unchanged).”
“We expect that the current obstacles to wheat trading will be resolved as the year progresses. The timing of this is difficult to predict, so the aforementioned price levels are intended merely as a rough guide.”
