The wheat futures in Chicago were the strongest link in the agricultural complex yesterday and grew moderately. Short-position coverage, profit-taking from corn and soy spreads (buying wheat; selling corn / soy) and the weaker US dollar exchange rate all supported the market. The weekly US export inspections of 415,548 tons of wheat were at the lower end of the market expectations of 400,000 - 700,000 tons. Today at 5 p.m. German time, the U.S. Department of Agriculture publishes the monthly WASDE report. Institutional investors bought 6,000 lots of CBoT SRW wheat yesterday. At the moment, the e-CBoT is acting a little more firmly. The wheat futures at Euronext in Paris were no longer able to benefit from the improved requirements from overseas and relented on all dates. The very fixed exchange rate of the euro, weak financial markets and falling crude oil prices put pressure on the market and provoked long position closings. In addition, the weaker ruble, which strengthens the competitiveness of Russian wheat on the world market, tarnishes the export prospects for wheat from Western Europe. Algeria's state-owned purchasing agency OAIC tendered an international tender for the purchase of a nominal 50,000 tons of common wheat of optional origin for delivery in April / May.
Source
HANSA Terminhandel
