The wheat quotations closed inconsistent yesterday in Chicago. Short caps and good export numbers supported the front months, while spread activity with Minneapolis wheat and the increased US dollar weighed on the market. Weekly US export sales were at the upper end of market expectations with 519,300 tonnes of US wheat. At the moment the eCBoT is firmer. The wheat futures at the Euronext in Paris also barely moved and closed unchanged to slightly weaker. Egypt's state buyer GASC yesterday bought 240,000 tons of wheat of Russian origin. Only six trading houses made offers. Surprisingly, the price was lower than in the previous call for tenders, despite recent riots regarding the parent grain rating of $ 209.24 / ton C & F. Strategy Grains analysts reduced their estimate of EU soft wheat production from 142.8 million tonnes (October) to 142.5 million tonnes. That would be an increase of 5% compared to the previous year. At 7.51 million tonnes as of 14 November, EU soft wheat exports in the current 2017/18 season are 23% lower than in the 2016/17 marketing period. At that time, 9.7 million tons of common wheat had already been exported at the same time.
