The CBoT wheat prices traded yesterday at its highest level since the beginning of December. In the US, a weather market is developing, because the grain is not prepared for freezing temperatures. Traders expect yield losses when it comes to Kahllfrösten. The weekly wheat exports from the USA were higher than expected yesterday, at 796,300 tons. The low prices are causing feed manufacturers in Asia to use more common wheat in the feed formulations. Usually, this wheat is only used for the production of food for human consumption. The CBoT night market is unchanged at the hour.
The prices of Mait wheat futures declined yesterday and the front month traded temporarily on the resistance of 160 € / ton. A firmer exchange rate of the euro raised fears that exports from the EU, and Germany in particular, will remain as weak as before. Russia can continue to serve the world market without any significant obstacles due to weather or logistics. EU soft wheat exports are 25% behind those of the previous year. Demand from exporters from Hamburg is weak, but the trade in feed grain is going well.
