Wheat prices in Chicago were the weakest link in the agricultural complex yesterday Wednesday and closed with significant losses. Improved weather conditions in Europe and the Black Sea region as well as negative requirements from Kansa City and Minneapolis wheat put pressure on the courses. Today at 2:30 p.m. German time, the USDA publishes weekly US export sales. Analysts expect exports to range from 200,000 to 650,000 tons. Institutional investors sold 6,500 lots of CBoT SRW wheat yesterday. This morning the eCBoT is acting even weaker.
The wheat futures at Euronext in Paris yesterday followed the negative overseas guidelines and recorded losses on all dates. Further rainfall is expected in Europe and the Black Sea region, which should improve the growing conditions of stressed field populations after the dry start to spring. Drought-hit southern Russia and Ukraine also expect rainfall. For standard wheat with 12% protein for delivery in Hamburg in May, sellers demand a premium of € 8.00 / to above the Matif Mai future. Institutional investors in Euronext increased their share of net long positions in wheat futures and options.
Source
Hansa Terminhandel GmbH
