Technical selling and profit taking after the 6-month high traded last Friday weighed on wheat prices in Chicago yesterday. The weekly US export inspections of 473,960 tons of wheat were in line with market expectations of 300,000 - 500,000 tons. Institutional investors sold 3,000 contracts of CBoT SRW wheat yesterday.
The eCBoT is currently trading at moderate discounts.
On Euronext in Paris, wheat futures were able to hold their ground despite the negative overseas cues and closed with gains on all dates. Export prices for Russian wheat rose last week as a result of rising wheat prices in Chicago, the stronger rouble exchange rate, demand from Egypt and weather-related concerns about the 2020 Black Sea harvest. Russian wheat with a protein content of 12.5% rose by $4 to $222 per ton, SovEcon reports. Offers for standard 12% protein wheat on the spot market in Hamburg for January delivery rose 1.00 euro yesterday to 5.00 euros above Paris March 20. German traders see potential for a shift in export demand from France to other EU countries such as Germany if the strikes over pension reform continue.
Source
HANSA Terminhandel
