The consequences of the global corona pandemic, losses in the soybean and corn complex and the stronger exchange rate of the US dollar closed the wheat futures in Chicago yesterday with substantial losses. Today at 2:30 p.m., the U.S. Department of Agriculture publishes weekly U.S. export sales. Analysts expect wheat exports to range between 100,000 - 500,000 tons for the old 2019/20 crop and 150,000 - 450,000 tons for the new 2020/21 crop. Institutional investors sold 12,500 lots of CBoT SRW wheat yesterday. At the moment, the eCBoT is acting a little more firmly.
Wheat futures at Euronext in Paris followed the weak overseas guidelines with a comparatively low trading volume and relented on all dates. However, they continued to be supported by strong export demand for European wheat. Algeria probably bought 250,000 tons of wheat mainly from France on Tuesday and surprised the market with another wheat tender yesterday. Egypt published a wheat tender yesterday and canceled it shortly afterwards without giving any reason. EU wheat exports are currently 30% above the level a year ago and the EU Commission has increased its forecast from 28 million tons to 30 million tons.
Source
Hansa Terminhandel GmbH
