Technical buying, rising demand for wheat on the world market and year-end positioning caused wheat futures to close sharply higher in Chicago yesterday. Today at 2.30 pm, the US Department of Agriculture will publish the weekly US export sales. Market analysts expect exports in a range of 200,000 - 900,0000 tons of wheat. Institutional investors bought 5,000 contracts of CBoT SRW wheat yesterday.
This morning, the electronic overnight exchange is trading firmer again.
The last trading on Euronext in Paris was on Christmas Eve. Wheat futures firmed minimally on the front maturities. As expected, the trading volume was very low. The Russian agricultural consultancy SovECon lowered its forecast for wheat exports in the 2019/20 marketing year by 200,000 tons to 33.1 million tons. Morocco will suspend customs duties on soft wheat from January 2 to April 30 in order to ensure a regular supply and stable prices on the domestic market.
Source
HANSA Terminhandel
