Wheat futures in Chicago were the weakest link in the agricultural complex yesterday and closed with losses. Technical selling and profit-taking after the strong gains of the last few days weighed on the market. The market also reacted skeptically yesterday to the recently concluded deal between the USA and China. There are fears that the statements made by the US government are too ambitious. Losses were limited by Argentina's announcement to increase export duties on wheat. Institutional investors sold 5,000 contracts of CBoT SRW wheat yesterday. The eCBoT is trading slightly weaker this morning. On Euronext in Paris, wheat futures followed the negative cues from overseas and fell moderately on all futures. Wheat premiums in French ports remained firm due to the strike in the transportation industry. On the cash market in Hamburg, offers for standard wheat with 12% protein for delivery in January remained unchanged at EUR 4.00 over Paris March 20. British mills bought more German wheat than is usually the case in normal years following the considerable delays in winter wheat sowing as a result of heavy and persistent rainfall this winter.
Source
HANSA Terminhandel
