Technical sales, profit-taking after the strong rise of the previous day, the weak global demand for U.S. wheat, as well as the stronger U.S. dollar against the euro made yesterday in Chicago to close the wheat prices with losses. The downside potential was limited by strong rainfall in the southern U.S. Plains and the Missisipi Delta, which threaten the quality of local stocks.
Institutional investors increased their holdings of net short positions to 7,000 contracts. The e-CBoT is today tomorrow moderately weaker. As a result of the negative requirements from overseas, also the Weizenfutures on the Euronext in Paris had to accept discounts. According to estimates of the German Raiffeisen Federation, the German winter wheat harvest will drop by 2015 3.1% with 26,57 million tons last year. The forecast of the Statisischen Federal Office to the winter wheat acreage in Germany is 3.25 million hectares (- 3% to the previous year).