High global wheat stocks and the big competition on the export market as well as the weak soybean and corn prices led yesterday in Chicago again to losses of 3 US wheat markets. The weekly U.S. export sales were 379.700 tons of wheat in line with expectations. At the hour the eCBoT is uneven.
On Euronext Paris, the wheat prices came under pressure again, only the front month September closed firmer. The IGC raised its estimate for global wheat production 2016/17 on 743 million tonnes (previous forecast: 735 million tonnes). But expected due to efficient rainfall in many regions with worse quality. The Commission granted export licenses for 452,000 tons of wheat in the week up to the 25.08.16. In the current marketing year, export licenses for a total of 4,019 million tonnes have been granted wheat (baseline year: 3,147 million tonnes). Russia surpassed Europe as the world's largest wheat provider in this marketing period for the first time. Sovecon estimates Russia's wheat harvest currently at 73 million tonnes (previous forecast: 71.5 million tonnes). Russia is the largest grain crop in its post-Soviet history.
