Mixed Movements in Wheat Markets: Focus on Euronext and CBoT

Global wheat markets displayed mixed movements on Tuesday. While prices on Euronext (MATIF) saw a moderate recovery, wheat futures on the CBoT (Chicago Board of Trade) showed stronger gains, driven by speculative buying and concerns about potential frost damage in the U.S.

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Euronext (MATIF) Market Overview

• March 2025:
  • Closing Price: 229.00 EUR/t (+2.50 EUR, +1.10%)
  • Daily High: 229.50 EUR/t
  • Volume: 151 contracts
  • Bid/Ask: 229.00 / 229.25 EUR/t
• May 2025:
  • Closing Price: 234.75 EUR/t (+2.50 EUR, +1.08%)
  • Daily High: 234.75 EUR/t
  • Volume: 61 contracts
  • Bid/Ask: 234.50 / 234.75 EUR/t
• September 2025:
  • Closing Price: 228.50 EUR/t (+2.25 EUR, +0.99%)
  • Daily High: 228.75 EUR/t
  • Volume: 25 contracts
  • Bid/Ask: 228.25 / 228.50 EUR/t

Comment: Euronext prices rebounded slightly after a weak prior week, supported by increased buying interest. A weaker euro against the U.S. dollar could potentially bolster exports in the medium term, though global demand for European wheat remains subdued.

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CBoT (Chicago Board of Trade) Market Overview

• March 2025:
  • Closing Price: 548.50 US-Cent/bu (+9.75 ct, +1.81%)
  • Daily High: 550.50 US-Cent/bu
  • Volume: 105 contracts
  • Bid/Ask: 548.00 / 548.50 US-Cent/bu
• May 2025:
  • Closing Price: 559.75 US-Cent/bu (+9.00 ct, +1.63%)
  • Daily High: 562.25 US-Cent/bu
  • Volume: 1 contract
  • Bid/Ask: 559.50 / 560.00 US-Cent/bu
• July 2025:
  • Closing Price: 569.00 US-Cent/bu (+8.50 ct, +1.52%)
  • Daily High: 571.50 US-Cent/bu
  • Volume: 9 contracts

Comment: Wheat futures at the CBoT gained momentum from speculative buying and concerns over frost risks in key U.S. growing regions. Fields lacking snow cover may face significant damage. Firming prices for corn and soybeans also supported bullish sentiment.

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Key Market Drivers

1. Weather Conditions:
   • Frost warnings in U.S. areas without sufficient snow cover.
   • Favorable growing conditions in Russia and Ukraine maintain global supply stability.
2. Export Dynamics:
   • Russian wheat exports have slowed but remain steady.
   • European wheat struggles with weak demand, particularly from North Africa and the Middle East.
3. Speculative Positioning:
   • At the CBoT, net short positions increased by approximately 5,756 contracts last week, influencing market dynamics.

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Conclusion

The wheat market is showing signs of stabilization after a volatile prior week. Euronext benefited from a weaker euro and speculative buying, while frost-related risks in the U.S. drove CBoT prices higher. Market participants remain attentive to upcoming USDA reports and developments in key global growing regions.

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