Wheat futures in Chicago ended the first trading day of the new year with moderate price gains. In the shortened session, the March 20 front month climbed to its highest level since August 10, 2018, but profit-taking depressed prices in the early evening. Institutional investors bought 2,000 contracts of CBoT SRW wheat yesterday. Today at 2:30 pm, the USDA will publish the weekly US export sales. Analysts expect wheat exports in a range of 250,000 - 800,000 tons. The eCBoT is currently trading slightly firmer.
On Euronext in Paris, wheat futures climbed to a new 6-month high in the course of trading as a result of price increases in Chicago and concerns about global supply, but the highs could not be maintained. Unfavorable weather conditions in export competitors such as Russia, Ukraine and Australia caused prices to rise. Soil moisture reserves for winter grain stocks in Russia are still low after the dry December. In Ukraine, the expected unfavorable weather could significantly damage winter grain stocks, especially those that were sown late.
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HANSA Terminhandel
