On February 13, the wheat market started with a decline due to the weight of Russian wheat. The upcoming Russian harvest appears promising, but uncertainties loom regarding the price at which Russian farmers want to sell and the potential increase in Russian export quotas from 24 Mt to 28 Mt. In this context, there could be a downward trend. On the upside, France reduced its area sown with common wheat for the 2024 harvest from the previous 4.49 million hectares to 4.36 million hectares. Tofio Catön, Director of Herbaceous Crops at the Spanish Agri-Food Cooperatives, mentioned that wheat rose slightly yesterday with the support of Korea purchasing 60,000 tons of feed wheat in the US.
As for corn, MATIF is trading below and CBOT slightly in the green. Prices are struggling against the strengthening dollar, which is expected to slow down the anticipated rise caused by the decline in Ukraine’s acreage. According to AgRural, newer safrinha data in Brazil is increasing: reaching 91.2 Mt compared to the previous figure of 86.3 Mt. Although the surface area of 16.38 million hectares continues to decline by 4.7% compared to last year, it is better than previously estimated.