Wheat prices in Chicago were the strongest link in the agricultural complex yesterday and recorded good gains. Rising world market prices and Russia's announcement to restrict its exports boosted the market. A draft from the Russian Ministry of Agriculture, which still has to be reviewed by the government, provides for an export quota of 20 million tons of grain in the period from 1 January to 30 June 2020. Institutional investors bought 4,500 contracts of CBoT SRW wheat yesterday.
The eCBOT is also firmer this morning.
On Euronext in Paris, wheat futures were able to follow the positive cues from overseas and closed with price premiums on all dates. Egypt's state grain buyer GASC purchased 240,000 tons of wheat as part of an international tender process. 180,000 tons came from Russia and 60,000 tons from Romania. The Turkish state grain buyer TMO purchased a further 275,000 tons of wheat of optional origin in a series of tenders. Since Tuesday, TMO has bought around 550,000 tons of wheat. On the spot market in Hamburg, offers for wheat with 12% protein for delivery in January fell by €1 to €4 above Paris March 19.
Source
HANSA Terminhandel
