Technical selling and price losses in the soybean and corn complex caused wheat futures to close lower in Chicago yesterday. Institutional investors sold 4,000 contracts of CBoT SRW wheat yesterday. The electronic overnight exchange is trading weaker again this morning. On Euronext in Paris, wheat futures followed the negative cues from overseas and fell on all futures with weak turnover. The latest harvest forecasts broadly confirm the trend of good global supplies and healthy export demand. The French agricultural consultancy FranceAgriMer raised its monthly forecast for French soft wheat exports outside the EU in the current 2019/20 season from 12.0 to 12.2 million tons. Exports would thus be 26% above the level of the 2018/19 season. In September, the initial forecast was 11 million tons. The forecast for soft wheat stocks at the end of the season fell from 2.5 million tons to 2.4 million tons. Institutional investors on Euronext in Paris increased their net long positions from 9,018 to 12,614 contracts in the week ending December 6.
Source
HANSA Terminhandel
