Grain enamel

The threat of export restrictions from Russia and Ukraine and the hope that US wheat could gain a foothold in the export market closed the wheat futures yesterday in Chicago with strong profits. The weekly US export inspections of 469,922 tons of wheat were within the market expectations of 400,000 - 700,000 tons. The USDA yesterday judged 57% of the US wheat field holdings to be in excellent shape. The previous week it was 62%. Institutional investors bought 10,500 lots of CBoT SRW wheat. The e-CBoT is trading firmer this morning.
At Euronext in Paris, the wheat futures benefited from the good overseas guidelines and increased demand on the export market and grew strongly on all dates. In addition, the drought in Europe and the Black Sea region affects the field stocks. The Russian agricultural consultancy IKAR announced that due to the unfavorable weather conditions in southern Russia, it has reduced its original forecast for the Russian wheat harvest in 2020 from 79.5 million tons to 77.2 million tons. For the 27 countries of the European Union, the EU Commission expects usable common wheat production of 126.1 million tons for the 2020/21 season, compared to 130.9 millionTons in the 2019/20 season.