17.
07.20
06:10

Grain enamel

Wheat futures in Chicago ended yesterday's trading day with strong price falls. Profit-taking after the recent price increase weighed on prices. The weekly US export sales of 764,300 tons of US wheat exceeded the market expectations of 250,000 - 650,000 tons. Institutional investors sold 12,000 contracts of CBoT SRW wheat yesterday.
This morning the eCBoT is acting firmer.
Wheat futures at Euronext in Paris followed the weak overseas guidelines and recorded losses on all dates. Traders are waiting for a clearer picture of the heterogeneous harvest in Europe and for confirmation of alleged sales of US wheat to China. The agricultural consultancy strategy Grains lowered its forecast for this year's wheat harvest in the European Union plus Great Britain from 130.9 million tons (June estimate) to 130.3 million tons due to the unexpectedly low yields in Southeast Europe and the smaller acreage in France. That would be a decrease of 11.5% compared to the previous year's harvest. The current high exchange rate of the euro to the US dollar is weighing on the competitiveness of wheat from the euro area on the export market.

Source
Hansa Terminhandel GmbH
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