The first expiring contract for milling wheat on the Paris futures market took a big step up on Monday, March 27, after being under pressure in recent months.
The May contract closed at the beginning of this week at € 266.75 per ton. That is an increase of € 7.50 compared to the previous trading day. On March 28, the May quotation fluctuated roughly between € 262.50 and € 267. The wheat price is therefore back at the level of almost 2 weeks earlier. Physical prices also follow futures market prices upwards.
Russia has announced that it may make state purchases to secure national reserves and support prices. As a result, agricultural commodity prices rose sharply on 28 March. Maize was also quoted higher at the beginning of this week due to reports from Russia. In addition, it seems that China has become an important buyer of corn in the past few weeks.