CBoT wheat: biggest weekly loss since September

The Chicago wheat futures are well on the way to their biggest weekly loss since early September. The fierce competition with the Black Sea region and higher wheat harvests in China weigh on the market.
In Russia, grain harvest has been larger than expected and crop estimates have been revised upwards by several analysts this week. Brokers in Australia do not see the current low price level for wheat as unjustified because production in Russia and Australia is falling and global demand remains strong.
For now, however, Russian wheat continues to push for the world market, more than was expected. Nobody talks about export restrictions anymore.
The International Grains Council (IGC) also raised its estimate for the wheat harvest in China. As a result, global production also rose from 716.7 million to 728.8 million tonnes. Last season it was 767.1 million tons.
The strong exchange rate of the US dollar makes it difficult for US exporters to do business. Nevertheless, Asian millers have begun to secure their needs by mid-year 2019. In the last six years, one lived more from hand to mouth.
The wheat courses were also under pressure yesterday because the soya and corn courses went down heavily in the cellar. The US weekly exports were once again disappointing. Funds massively sold all agricultural commodities yesterday, especially corn, soybeans and wheat.

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