EU wheat prices traded yesterday with gains

Yesterday traded European wheat prices with price gains. The sustained drought in Western Europe and the rapid increase in US wheat prices lent the market support. Delays at the current winter wheat crop due to rainy weather led to a sharp rise of in prices in Chicago, after they were declining before 5 days in a row.
In large parts of France, the dry weather conditions have led to declining earnings estimates since the beginning of May.
The German Raiffeisen Federation has estimated 2015 also raised its forecast of German wheat crop due to dry weather conditions 25,78 million tons. That would be a decline of 7.2% compared to the previous year. "It seems that the drought in some areas would have resulted in damage, no longer fixed by rainfall are may.", so a trader. "Against the background of a still above-average German harvest some Mills look at the declining crop estimates relatively relaxed", said another dealer.

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