CBoT wheat heads fourth weekly plus in a row

The courses of the Chicago wheat futures will probably end today with a weekly plus, it would be the fourth time in a row. At the moment, however, they trade slightly weaker than yesterday at the close. Unfavorable weather conditions in Europe and the Black Sea, so two large surplus regions of the world, will probably ensure that the supply remains tight.
The wheat market is in a bullish mood because global supply is as tight as it has been in five years. Nevertheless, the supply situation must continue to be described as good, as from the previous harvest still a large supply is available.
Market analyst Strategy Grains once again lowered its forecast for the EU wheat harvest yesterday and described the harvest as "catastrophic". EU wheat production is now estimated at 127.7 million tonnes by the experts. At the end of July, the estimate was just under 130 million tonnes.
Graphic: Saxo-Trader

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