Wheat prices in Chicago ended yesterday's trading day with gains for the fourth day in a row. Hopes for new US wheat export deals and Argentina's announcement to increase its export tax on wheat from 12% to 15% boosted the market. Institutional investors bought 5,500 contracts of CBoT SRW wheat yesterday.
This morning, profit taking is weighing on wheat prices and the electronic overnight exchange is trading with losses.
On Euronext in Paris, wheat futures could not follow the positive cues from overseas and closed with moderate losses on the front maturities. The price decline is not surprising for many traders due to the strong rise on Monday to the highest level in 4 1/2 months. European weather forecasts are relatively favorable for the coming days. In France, traders continue to expect logistical problems due to the strike over the pension reform. On the cash market in Hamburg, offers for standard wheat with 12% protein for January delivery remained unchanged at 4.00 euros over Paris March 20.
Source
HANSA Terminhandel
