A bearish USDA report, the beginning wheat harvest in the southern U.S. growing regions, as well as profit-taking could close the wheat prices with significant losses on Friday in Chicago. The USDA increased the estimate of the US Weizenendbestände total 1,050 Mio.Bushel 2016/17, compared to the previous month to 21 million bushels. Analysts predicted an increase on average of 1.045 Mio.Bushel in advance.
With 730,83 million metric tons, the estimate of world wheat production is 2016/17 on the second highest level ever reached. Funds increased their holdings of net short positions on Friday at 7,500 slots SRW wheat. The eCBoT is today morning firmer. On Euronext Paris, the Weizenfutures also closed with losses. For the European Union, the USDA increased the estimate of wheat production 2016/17 due to good growing conditions in Spain by 1 million tons to 157.5 million tonnes. The forecast for France was left unchanged despite unfavorable weather conditions.
