30.
07.20
06:07

Grain enamel

Speculators used the weak price level for the CBoT wheat future to buy yesterday. Uncertainties about the actual size of the Russian wheat harvest and a sharp drop in the US dollar exchange rate support wheat prices in the United States. The CBoT night exchange trades the wheat future steadily at the hour.
The exchange rate of the US dollar is currently at a two-year low and the Federal Reserve wants to keep interest rates close to the zero line. The Russian agricultural consultant SovEcon yesterday lowered its forecast for the local wheat harvest by 400,000 tons to 79.3 million tons because the vegetation conditions for summer wheat deteriorate.
The Matif wheat exchange rate benefited yesterday from the development in Chicago, despite the fact that the very firm euro made it difficult to calculate wheat exports from countries with the common currency. According to initial harvest estimates, which saw French wheat at 31-32 million tons in 2020, there are now forecasts by two consulting firms that now assume less than 30 million tons of wheat. That did not exactly promote the willingness of farmers in Germany to sell. Prices on the cash market are stable. The same applies to the Black Sea region. However, traders believe that the offer will soon increase.

Source
Hansa Terminhandel GmbH
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