US wheat exports disappoint

The display boards on Euronext/Matif lit up red yesterday shortly before the weekend. The May contract recorded a loss of 0.75 euros/ton to 194.00 euros/ton. The red signs also prevailed on the Chicago stock exchange. Here the losses were somewhat more noticeable. The front month saw a price decline from $12 US cents/bushel to $532.25 US cents/bushel. The USDA's weak export reports in particular put pressure on prices yesterday. Export bookings from the new and old harvest totaled 160,000 tonnes, which was well below market participants' expectations. One of the reasons given for the disappointing export business is the low buying interest from the Middle Kingdom. In addition, the cheap offers from the Black Sea region put dealers under pressure.

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