Grain enamel

Wheat futures in Chicago suffered significant price losses yesterday and fell to a 2-month low. Good wheat stocks worldwide and strong export competition weighed on the market. Today at 2:30 p.m., the USDA publishes weekly US export sales. Analysts expect wheat exports to range from 250,000 to 600,000 tons. Institutional investors yesterday sold 10,000 contracts of CBoT SRW wheat. The e-CBoT is still operating in the negative range this morning. With a slightly higher sales volume, the wheat futures at Euronext in Paris followed the weak overseas guidelines and gave in on all dates. The wheat market was also under pressure due to the welcome rainfall in Europe. FranceAgriMer increased its forecast for French common wheat stocks at the end of the current season in June from an estimated 2.6 million tonnes last month to 2.9 million tonnes. The upward correction in supply and weaker demand from feed manufacturers and other EU countries outweighed the increase in expected exports outside the EU. Buying wheat in Algeria could not support the market because prices were relatively low and the estimated volume was within expectations.On the cash market in Hamburg, premiums for export wheat with 12% protein for delivery in September fell to 1.50 euros below Paris Dec. 20.