CBoT wheat prices closed almost unchanged yesterday. Profit-taking and weak export inspections weighed on the market. However, unfavorable weather conditions in large parts of Russia, Ukraine and Australia as well as improved Chinese demand had a supportive effect. The electronic overnight exchange in Chicago is trading slightly weaker this morning.
Wheat futures on Euronext in Paris had a quiet day yesterday. After prices reached a 6-month high, the front month failed at the resistance line of 190 €/ton. Export prices for Russian wheat rose for the seventh consecutive week last week due to higher stock market prices in Chicago and Paris, the firmer rouble and concerns over Black Sea wheat stocks for the 2020 harvest. Traders in Europe are closely following the pension reform strikes in France. Wheat exports are dependent on rail transportation. Shipments to Morocco are being prepared because export duties will be abolished from January 2.
Source
HANSA Terminhandel
