Wheat futures in Chicago ended yesterday's trading day with moderate gains. The USDA rated 55% of US winter wheat stocks in top condition (previous week: 54%). Analysts had expected the decline to 53%. Argentina expects a record wheat harvest of 21 million tons this year. Last year the harvest was 18.8 million tons. Institutional investors bought 2,000 contracts of CBoT SRW wheat yesterday. At the moment, the eCBoT is trading with losses. At Euronext in Paris, wheat futures benefited from overseas requirements and saw premiums on all dates. The weaker exchange rate of the euro and uncertainties about the seed status of the wheat areas in the Black Sea region also gave a boost. French soft wheat deliveries outside the EU hit a four-year high in April. The April volume increased by 70,000 tons compared to the previous month, which is the highest total monthly volume in the 2019/20 season. The Ukrainian government will advise and decide with major country traders on wheat export quotas for the 2020/21 season in July. Wheat stocks are currently around 1.5 - 2.0 million tons higher than a year ago.
Source
Hansa Terminhandel GmbH
