The wheat futures in Chicgao ended the trading day yesterday with strong losses. The fear of the corona virus, weak requirements from the soybean and corn complex and strong losses in the financial sector put pressure on the company. With 480,808 tons of wheat, the weekly US export sales were within the market expectations of 225,000 - 675,000 tons. Institutional investors sold 6,500 lots of CBoT SRW wheat yesterday. At the moment, the e-CBoT is moderately weaker. Wheat futures on Euronext in Paris recovered from the daily low despite the losses from overseas and closed unevenly. Support was provided by the sharp decline in the euro, which improves the competitiveness of wheat from the euro area on the world market. The economic measures announced by the ECB disappointed many investors and put pressure on the single currency. In addition, Russia's favorable harvest prospects and the sharp decline in Russian wheat export prices caused price pressure. Algeria bought 680,000 tons of wheat of optional origin yesterday. The lion's share is expected to come from France. Strategy Grains increased its estimate for European Union common wheat exports this season by 600,000 tonnes to 31.2 millionMetric tons.
Source
HANSA Terminhandel
