Forecasts for much-needed rainfall in major U.S. and European growing regions next week and losses in the soybean and corn complex drove wheat prices yesterday in Chicago. However, concerns about drought in the southern US plains have been supportive. At 2:30 p.m. today, the USDA publishes weekly US export sales. Analysts expect wheat exports to range between 150,000 and 650,000 tons. Institutional investors yesterday sold 2,500 contracts of CBoT SRW wheat.
The electronic night market is currently recovering slightly and is trading moderately firmer. The wheat futures at Euronext in Paris had a comparatively quiet day with low trading turnover and hardly any changes in exchange rates. Only the expiring date in May 2019 increased significantly. Support was provided by the lower euro exchange rate, which improves the competitiveness of wheat from the euro area on the world market. However, rainfall in the drought-stricken regions in Europe and the forecast for showers this week in southern Russia put pressure on prices.On the cash market in Hamburg, premiums for export wheat with 12% protein for delivery in September remained unchanged at 0.50 euros below Paris Dec. 20.
Source
Hansa Terminhandel GmbH
