Sales of fund companies, the world-wide good supply of wheat as well as negative defaults from Kansas City and Minneapolis wheat left the wheat quotations yesterday in Chicago for the third day in a row with losses. The weekly US export sales with 633,600 tons of US wheat exceeded the market expectations of 300,000 - 600,000 tons.
Institutional investors yesterday sold 5,000 lots of CBoT SRW wheat. The eCBoT is more active this morning. At the Euronext in Paris, the wheat futures followed the negative requirements from overseas and yielded on all dates. The front month of September was particularly pronounced, the options of which were due on Tuesday. The exchange rate of the euro against the US dollar came under strong pressure, but recovered somewhat in the course of the trade. European traders reported exports of 249,000 tonnes of common wheat during the week up to 15.08.17. In the marketing year 2017/18 they are thus rising to 1.495 million versus 3.716 million tonnes in the marketing year 2016/17, a drop of 60%. In Russia and the Black Sea region, a large wheat crop is expected, uncertainty still exists in Germany and Great Britain, where the crop is interrupted again and again by precipitation.
