Lower US wheat stocks at the end of the 2019/20 season caused wheat futures to close higher in Chicago yesterday. The USDA lowered its 2019/20 US wheat ending stocks forecast from 1.014 billion bushels to just 0.974 billion bushels. The forecast for global wheat ending stocks 2019/20, on the other hand, was raised to 289.50 million tons. Institutional investors bought 3,000 contracts of CBoT SRW wheat yesterday. The eCBoT is trading moderately weaker this morning. On Euronext in Paris, wheat futures came under pressure in the course of trading due to initially negative overseas cues and the March maturity traded at a 2-week low. France's Ministry of Agriculture estimates the area under wheat for the 2020 harvest at 4.73 million hectares, which is 4.8% lower than the area planted in the previous year. On the spot market in Hamburg, offers for standard wheat with 12% protein for delivery in January remained unchanged at 3 euros above Paris March 20. Egypt's state grain buyer GASC bought 355,000 tons of wheat yesterday as part of an international tender process. Of this, 60,000 tons came from Ukraine, 60,000 tons from Romania, 115,000 tons from Russia and 120,000 tons from France.
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HANSA Terminhandel
