The tense situation with Iran and positioning ahead of the WASDE report to be published on Friday caused wheat futures to rise moderately in Chicago yesterday. Institutional investors bought 3,000 contracts of CBoT SRW wheat yesterday.
On Euronext in Paris, wheat futures rose due to stable export demand on the world market, firm Black Sea prices and logistics problems in France. Egypt bought 300,000 tons of wheat from Russia, Ukraine and Romania yesterday, underlining the overall high demand on the world market. Russia's wheat prices have risen in recent weeks. However, Black Sea wheat was able to beat wheat from France in terms of price in the tender. France's wheat exports to destinations outside the EU reached a volume of 1 million tons in November, the highest monthly level so far in the current marketing year. Traders continued to monitor developments in the Middle East for possible effects on the wheat trade. Offers for standard wheat with 12% protein on the cash market in Hamurg for delivery in January remained unchanged yesterday at 5.00 euros over Paris March 20.
Source
HANSA Terminhandel
