In Chicago, wheat futures closed yesterday at a 5-month low. Strong losses in the soybean and corn complex, falling crude oil prices and falling financial markets as a result of the coronavirus pandemic weighed on the market yesterday. The weekly US export inspections of 449,653 tons of US wheat were within the market expectations of 350,000 - 600,000 tons. Institutional investors sold 5,000 contracts of CBoT SRW wheat yesterday. The e-CBoT is currently trading with moderate losses.
With a somewhat weaker sales volume, the wheat futures yesterday followed the negative guidelines from overseas and closed at all dates with losses. Traders are increasingly worried about a recession. EU soft wheat exports 2019/20 reached a volume of 22.2 million tons as of March 10. This is an increase of 72% compared to exports as of March 10, 2019. Russia's wheat exports from ports rose 30% compared to the previous week to 725,000 tonnes, reports SovEcon. For standard wheat with 12% protein for delivery in April in Hamburg, sellers demand a premium of € 6 / to above the Matif Mai future. Tunisia's state-owned grain purchaser yesterday tendered an international tender to buy 67,000 tons of durum wheat and 25,000 tons of common wheat.
Source
HANSA Terminhandel
