Grain enamel

Improved weather outlook in Europe and the United States, negative soybean and corn complex requirements, and losses in Kansas City and Minneapolis wheat caused wheat prices in Chicago to close yesterday. The weekly US export inspections of 501,333 tons of wheat were within the market expectations of 400,000 - 650,000 tons. The USDA yesterday judged 54% of the US wheat field holdings to be in excellent shape (57% last week). Market analysts anticipated unchanged ratings in advance. Institutional investors sold 4,500 lots of CBoT SRW wheat. The e-CBoT is trading firmer this morning. At Euronext in Paris, the wheat futures followed the negative overseas guidelines on all dates and closed with losses. The slight increase in the exchange rate of the euro against the US dollar and weaker crude oil prices also exerted pressure. The expected rainfall in Western Europe for the next two weeks alleviates concerns about damage to the field. The EU monitoring service MARS reports for Western Europe the driest spring start since 1979. Saudi Arabia bought 655,000 tons of wheat of optional origin for the delivery period July / August.Analysts believe that mainly wheat from the new crop from Russia will be awarded the contract.