27.
03.20
07:16

Grain enamel

The wheat futures in Chicago yesterday were the weakest link in the agricultural complex and suffered significant losses. Profit taking after the strong premiums from the previous day weighed on the market. The weekly US export sales of 1.1 million tons of US wheat exceeded the market expectations of 350,000 - 950,000 tons. Institutional investors sold 6,500 lots of CBoT SRW wheat yesterday. This morning, the e-CBoT deals in premiums. At Euronext in Paris, wheat futures followed the negative overseas guidelines and closed much weaker on all dates. The increased exchange rate of the euro put an additional burden on the market. The International Grains Council raised its forecast for global grain production in 2020/21 by 2% compared to the previous year to 2.22 billion tons. Corn production will increase from 1.12 billion tons to 1.16 billion tons, while wheat production could increase from 763 million tons to 768 million tons. The Russian Ministry of Agriculture expects domestic grain prices to stabilize in the near future and does not expect insufficient flour supply in Russia. The recent sharp decline in the value of the Polish currency, the zloty, makes Polish wheat attractive to mills in eastern Germany.

Source
HANSA Terminhandel
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