The wheat futures ended yesterday's trading day inconsistently. Short position coverage after falling below $ 5 gave the market a boost. The upside potential was limited by the forecast rainfall in Australia. Precipitation also improved conditions in Russia, Ukraine and Kazakhstan. Weekly US export sales of 353,200 tons of wheat were in line with expectations. Institutional investors yesterday bought 500 contracts of CBoT SRW wheat. At the moment, the eCBoT is almost unchanged.
At Euronext in Paris, the wheat futures followed the positive overseas guidelines and closed with price premiums. Strategy Grains increased its forecast of EU wheat exports in the current marketing year 2019/20 due to the high demand and less competition. Institutional investors on Euronext increased their net long holdings of Matif wheat to 74,153 contracts last week. On the cash market in Hamburg, premiums for export wheat with 12% protein for delivery in September remained unchanged at 1.50 euros below Paris Dec. 20.
Source
Hansa Terminhandel GmbH
