Grain enamel

Rising wheat inventories worldwide, strong export competition on the world market and good harvest prospects in Europe weighed on wheat prices in Chicago on Friday and caused the largest weekly loss (4.2%) in one month. The front month of July slid below the psychologically important $ 5 mark in the course of trading. Institutional investors sold 2,000 contracts of CBoT SRW wheat. This morning the eCBoT is trading weaker again. At Euronext in Paris, wheat futures posted gains on all dates despite the negative overseas targets. In its weekly update, the French agricultural consultancy FranceAgriMer rates only 55% of winter wheat stocks with the top rating "good to excellent". This is a 2% decrease from the previous week. Last year, 79% of winter wheat stocks in France received the top rating at the same time. The German acreage for winter wheat for harvest in 2020 was restricted by 7% to 2.84 million hectares, the Federal Statistics Office said on Friday. Due to the dry weather conditions, the DRV reduced the estimate of the German wheat harvest from 22.73 million tons to 22.38 million tons.