Wheat futures in Chicago ended the day trading yesterday at a loss because US winter wheat stocks are in better shape than analysts had expected. In addition, the weak spot market and the continuing uncertainties caused by the coronavirus pandemic weigh on prices. The USDA judged Monday's wheat fields in North America to be 62% in good shape. Last year it was 60% on this date. Analysts had expected only 56% of the stocks to be in top shape. Institutional investors sold 4,000 lots of CBoT SRW wheat yesterday. The e-CBoT is still weaker this morning. The wheat futures on the Euroenxt in Paris were largely able to resist the negative requirements from overseas and closed little. The current strong demand for wheat from Western Europe had a positive impact. In addition, market participants are concerned about the dry weather conditions in Europe. The field stocks in Russia and Ukraine are also under observation. The French Ministry of Agriculture estimates the country's wheat acreage for the 2020 harvest at 4.6 million hectares. This is 7.5% less than last year, making it the smallest wheat area in France in 17 years.
Source
Hansa Terminhandel GmbH
