Technical sales, weak financial markets and the continued spread of the corona virus caused wheat prices in Chicago to close yesterday with significant losses. Today at 1:30 p.m., the USDA publishes weekly US export sales. Analysts expect exports to range from 225,000 to 675,000 tons of wheat. Institutional investors sold 5,000 lots of CBoT SRW wheat yesterday. The wheat courses on the electronic night market continue to decline this morning. The wheat futures at Euronext in Paris followed the weak overseas guidelines and closed at all dates with losses. In the course of trading, the front month of May fell to the lowest level since September 13. FranceAgriMer increased its forecast of French common wheat exports to destinations outside the European Union from 12.6 million tons to 12.7 million tons. It was the sixth consecutive monthly increase. The forecast of wheat stocks at the end of the 2019/20 season left FranceAgriMer unchanged from the previous month at 2.4 million tons. Institutional investors on Euronext reduced their holdings of net long positions for the second week in a row.European traders are eagerly awaiting the results of a tender for Algeria, the largest foreign buyer of French wheat.
Source
HANSA Terminhandel
