Yesterday, wheat futures in Chicago were once again the strongest link in the agricultural complex and recorded gains. Speculative buying and firm cash market prices on the global market pushed prices to their highest level since November 2018 during the course of trading. Traders have also been observing the steadily rising contract inventory on the CBoT for 2 months, a possible indication of new long positions. Today at 2.30 pm, the USDA publishes the weekly US export sales. Analysts expect wheat exports in a range of 200,000 - 500,000 tons. Institutional investors bought 6,500 contracts of CBoT SRW wheat yesterday. This morning eCBoT is trading with moderate losses. On Euronext in Paris, wheat futures rose to a 1-year high during trading as a result of the strikes in France and Russia's announcement to limit grain exports. FranceAgriMer raised its forecast for French soft wheat exports outside the EU for the fifth time in a row. It rose from 12.2 million tons (December forecast) to 12.4 million tons. The second-largest French soft wheat harvest on record, less competition than usual from Russia and an unusual number of French wheat sales to China have supported exports in the 2019/20 season so far.
Source
HANSA Terminhandel
