For three trading days, the prices of the CBoT wheat futures have dropped; Today they will prescribe the biggest weekly loss in two months. Yesterday's USDA crop estimate was higher than expected.
Yesterday, the price of the front month even traded close to the $ 5 mark, which was last traded on April 27. Some traders may well have decided that the wheat rally is over. Especially as the USDA forecasts an increase of 34% of production compared to the previous year for US summer wheat, durum and other high-protein cereals.
According to USDA estimates, global wheat stocks come to 264.33 million tonnes at the end of the 2018/19 season. In the 2017/18 season, the last all-time high was reached with 270.46 million tons.
Text: HANSA Futures Trading GmbH / / Graphic: Sao-Trader 
