Good weather conditions in large parts of the USA and the Black Sea region, technical sales as well as weak export figures closed the wheat futures in Chicago yesterday with significant losses. With a total of 304,700 tons of US wheat, weekly US export sales fell short of market expectations of 375,000 - 900,000 tons. Egypt's state-owned grain purchaser GASC bought 240,000 tons of wheat as part of an international tender process. France and 180,000 tons are delivered by Russia. US wheat was not used due to the high freight costs. Institutional investors sold 6,500 lots of CBoT SRW wheat yesterday.
The electronic night market is trading weaker this morning.
The wheat futures at Euronext in Paris resisted the negative overseas guidelines and closed more tightly. The lower exchange rate of the euro against the US dollar and the surcharge of 180,000 tons of wheat from France for the Egypt tender gave the market a boost. Strategy Grains raised the forecast for the EU's common wheat stocks at the end of the season from 12.5 to 13.7 million tons due to weaker demand within the EU.
Source
Hansa Terminhandel GmbH
