The increased demand for US wheat on Friday caused moderate price increases for wheat futures in Chicago. In a weekly comparison, the front month of May rose by 6.7%. Chinese importers bought 340,000 tons of HRW wheat for delivery in the marketing year 2020/21. Institutional investors bought 4,500 lots of CBoT SRW wheat. The eCBoT is acting firmer again this morning.
At Euronext in Paris, wheat futures benefited from the good overseas targets, the weak euro and increased demand due to the coronavirus pandemic, and also ended the trading day with gains. SovEcon expects the Russian grain harvest in 2020 to increase by 8.6 million tons to 129.8 million tons. The wheat harvest could increase by 9.9 million tons to 84.4 million tons. The state of French winter wheat stocks was stable in the week up to March 16, according to FranceAgriMer. 63% of the plants were rated as good or excellent (previous year: 85%). The condition was as weak as it was four years ago. German mills are currently at full capacity due to the great need for bread, flour and pasta.However, they are concerned that if consumers get used to the state of emergency and use up the purchased supplies, the huge demand could suddenly drop in the next four to six weeks.
Source
HANSA Terminhandel
