The wheat futures in Chicago rose yesterday for the third day in a row. The prospect of lower harvests in the United States and the Black Sea region supports the market. The weekly US export sales with a total of 428,300 tons of US wheat were within the market expectations of 200,000 - 650,000 tons. Institutional investors bought 2,500 lots of CBoT SRW wheat yesterday. This morning the e-CBoT is trading at losses.
At Euronext in Paris, wheat futures rose to a new 1-week high yesterday. The trading volume was low due to the holiday. Market participants focused on dry weather conditions in large parts of Europe as well as Russia's lower harvest estimates. The agricultural consultancy IKAR lowered its forecast of the Russian wheat harvest from 77.2 million tons to 76.2 million tons. The day before, the Ministry of Agriculture published its lower forecast of the Russian grain harvest of 120 million tons (previous year: 125.3 million tons). Rainfall is expected for parts of Germany and France at the weekend.
Source
Hansa Terminhandel GmbH
