The advancing winter wheat harvest in the US plains and the Midwest weighed on the SRW wheat futures in Chicago yesterday. The losses were limited by the growing regions for summer wheat, which were burdened by drought. Spring wheat rose to its highest level since June 7th yesterday. The US Department of Agriculture announced on Monday after close of trading that only 27% of US spring wheat stocks are in top condition, 10% less than a week ago. Analysts expected a decline to 35%. Institutional investors sold 5,500 CBoT SRW wheat contracts yesterday. At the moment the eCBoT is trading with surcharges.
The wheat futures ended the trading day with moderate losses on Euronext in Paris. Trading volume was weak overall. In the EU27, this year's harvest for winter grain and rapeseed is now expected to be well above the five-year average, the EU harvest monitoring unit MARS announced on Monday. Russia, one of the world's largest wheat exporters, sent 28,000 tons of wheat to Algeria earlier this week - the first such shipment in more than four years.
Source
Hansa Terminhandel GmbH
