Yesterday, the CBoT wheat prices continued their downward trend after spreading optimism the day before through various grants from many governments. Technical sales ensured that investors further reduced their large long positions. Good global harvest prospects and strong export competition on the world market led to significant losses. Today at 2:30 p.m., weekly export numbers appear in the United States. Market analysts expect exports to range from 375,000 to 675,000 tons. Institutional investors sold 4,500 lots of CBoT SRW wheat yesterday. The e-CBoT is a little firmer at the moment.
At Euronext in Paris, the wheat futures spent a comparatively quiet day and closed little changed. Market participants are waiting for the further development of the corona crisis. Farmers are reluctant to sell their stocks at what they consider to be an unattractive price level. Wheat courses at Euronext have dropped around 10 euros in the last 10 days. For standard wheat with 12% protein for delivery in April in Hamburg, sellers demand a premium of 5 € / to above the Matif Mai future.
Source
HANSA Terminhandel
