After this week's gains (+ 2%), technical sales and spread activity against corn yesterday weighed on wheat prices in Chicago. Today at 2:30 p.m. German time, weekly export figures appear in the United States. Market analysts expect exports to range from 300,000 to 850,000 tons. The electronic night market is trading weaker this morning.
Wheat futures at Euronext in Paris resisted the negative overseas requirements and saw moderate growth for the dates of the new harvest. The expiring May deadline, on the other hand, closed somewhat weaker. For the rest of the week, meteorologists do not expect rain in large parts of Northern Europe, this also applies to the grain growing regions in France and Germany. German Agriculture Minister Julia Klöckner is concerned, while traders in Germany say the damage to the wheat fields is still reversible if enough rain falls in the coming weeks. But if it stays dry, the harvest forecasts have to be lowered. Wheat prices on the cash market are supported by busy exports. Standard wheat with 12% protein for delivery in Hamburg in May costs 5.5 -6 € / to above the Matif-Mai date.
Source
Hansa Terminhandel GmbH
