CBoT wheat drops to 6-week low

CBoT wheat futures fall to a 6-week low this morning; it is already the fourth trading day in a row with losses. Constant sales by investors and weak demand for US wheat have already pushed prices down 6% this week.
Traders in Australia point out that CBoT's futures have characteristics of the US market and therefore only reflect this market. A peculiarity is that investors are still selling long positions that have long ago expired. Another factor comes from the fact that optimism in the US market is dwindling, which means that investors are also selling later maturities.
The US wheat market is therefore under pressure, even though production on the Black Sea is noticeably lower this year. Analysts are still waiting for a USDA report to release this week's latest US export figures. Sales of between 200,000 and 500,000 tonnes are expected.
Russia's Minister of Agriculture told yesterday once again that there are no plans to impose an export tax on wheat. Nevertheless, market participants remain skeptical. Exports can be limited in other ways later in the season.After all, Russia lacks around 10 million tons of wheat compared to the last harvest. Graphic: Saxo-Trader

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