Wheat prices in Chicago were the weakest link in the agricultural complex yesterday and closed at a two-month low. Urgent expected rains in the US plains and weak demand for US wheat on the world market put pressure on the market. The weekly US export inspection of 440,822 tons of wheat was within the market expectations of 300,000 - 600,000 tons. The USDA announced yesterday evening that 52% of US winter wheat stocks in the US are in top condition (previous week 53%). Institutional investors sold 2,500 lots of CBoT SRW wheat. The eCBoT is almost unchanged this morning.
At Euronext in Paris, the wheat futures followed the weak overseas guidelines and gave in on all dates. Rainfalls in the Black Sea region and the higher exchange rate of the euro also burdened the European market. The EU Crop Monitoring Service of the EU lowered its monthly forecast of the average wheat yield in the EU from 5.87 t / ha to 5.72 t / ha. The European Union exported 30.26 million tons of wheat in the current 2019/20 season (July 1 to June 30) to May 17 (+ 64% on the previous year).On the cash market in Hamburg, the premiums for export wheat with 12% protein for delivery in September are 1.00 to 1.50 euros below Paris Dec. 20.
Source
Hansa Terminhandel GmbH
