Wheat futures in Chicago ended the last trading day of the year with moderate price premiums. The year 2019 recorded an overall price increase of 11%. Positioning at the end of the year and the unfavorable and uncertain weather conditions in Russia, Ukraine and Australia supported prices on Tuesday. Market participants also expect demand for US wheat to rise following the successful negotiations in the trade dispute between the United States and China. US President Trump announced that the Phase 1 agreement will be signed in Washington on January 15, even though the details of the agreement are still very unclear. Trading in Chicago will not start again until this afternoon at 15:30. On Euronext in Paris, wheat futures ended the trading day mixed in a shortened session with weak trading volumes as expected. Year-on-year, the front month of March saw a price decline of 7.1% compared to the 2018 closing price of € 203.25. However, a global price recovery, buoyant export demand and an expected decline in the sown area for next year's harvest helped the European wheat market to recover towards the end of the year.
Source
HANSA Terminhandel
