CBoT wheat is down slightly after a 6-week high this morning

After the CBoT wheat futures rallied to a six-week high on Friday as Europe's wheat crop was weak, some traders are taking profits this morning, putting pressure on prices.
In Russia, parts of Europe and Australia less grain will be harvested this year. Russia still has a big crop but it is less than last year. Since the grain harvest now reaches the arid regions of northern Europe, the crop estimates are steadily smaller. Central and Northern Europe has been hit by a severe drought since May.
The German farmers' association is currently dreading any further crop estimates and in France the wheat harvest estimate now stands at 34.2 million tonnes -7% on the previous year (Agritel).
Text: HANSA Derivatives Trading GmbH / Graphic: Saxo-Trader

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