Grain enamel

Technical purchases and the moderate decline in the forecast of global wheat stocks in yesterday's WASDE report closed wheat prices yesterday in Chicago with moderate premiums. The USDA lowered the forecast of global wheat stocks at the end of the current 2019/20 season from 288.03 million tons to 287.14 million tons (expected 288.47 million tons). The forecast for the US wheat stocks in 2019/20 remained unchanged from the previous month at 940 million bushels (expected 944 million bushels). Institutional investors bought 3,500 lots of CBoT SRW wheat yesterday. The electronic night market trades with minimal markups this morning. At Euronext in Paris, the wheat futures from the 2020 harvest followed the positive requirements from overseas and posted price gains. Russia's wheat export prices fell for the sixth consecutive week last week due to the recent global weakness in wheat prices and the weak ruble. The rise in stock and oil prices following a dramatic sell-off on Monday, coupled with fears of a rapidly spreading corona virus and an oil price war between Saudi Arabia and Russia, supported the grain markets, although the stocks later gave up their gains.