The wheat futures in Chicago closed yesterday with profits. Too dry weather conditions in Europe and the Black Sea region as well as price increases in the soybean and corn complex gave the courses a boost. With a total of 376,000 tons of US wheat, weekly US export sales were in line with market expectations of 200,000 to 550,000 tons. The USDA raised the forecast for global wheat stocks at the end of the current 2019/20 season from 287.14 million tons to 292.78 million tons (expected 287.37 million tons) last night. The forecast for the US wheat stocks in 2019/20 at 970 million bushels was also above the expectations of 940 million bushels. Institutional investors bought 6,000 lots of CBoT SRW wheat yesterday.
At Euronext in Paris, the wheat futures were able to benefit from the positive requirements from overseas and the good demand on the export market and closed with premiums on all dates. However, the daily highs could not be maintained. The currently dry weather conditions in Central and Eastern Europe are driving the course. For standard wheat with 12% protein for delivery in April in Hamburg, sellers demand a premium of € 6.00 / to above the Matif Mai future.
Source
Hansa Terminhandel GmbH
