Chicago wheat futures prices are stable to slightly firmer; higher prices are prevented by the large global stocks. In addition, the best vegetation conditions prevail in the southern wheat growing regions of Russia.
In contrast, plant developments for summer crops in the US were somewhat delayed and there were also problems with winter cereals. But if you look at the supply situation in the world, you can hardly imagine that there will be significantly fewer offers. This is how Phin Ziebell, the agricultural economist at National Australia Bank, describes the situation on the wheat market.
In his view, there will be no rally on the futures markets for the time being, even if there will be reduced earnings in the USA. The Black Sea region is well on the way to another bumper harvest.
Tonight at 6:00 pm German time, the USDA publishes its monthly supply-demand report.
Text: HANSA Derivatives Trading GmbH / / Graphic: Saxo-Trader 
