With price gains, the wheat quotations in Chicago started the new year. Fears that heavy frost in the Midwest and in the US plains are damaging winter wheat stocks provided for bonuses. The weekly US export inspections, with 274,506 tonnes of wheat, were below analysts' expectations, with shipments expected to range from 300,000 to 600,000 tonnes. Institutional investors yesterday bought about 5,000 lots of CBoT SRW wheat, reducing their holdings of net short positions. At the moment is the electronic night market with moderate surcharges. The wheat futures at Euronext in Paris were unable to benefit from the improved overseas guidance and closed unevenly. During trading, the front month of March slid to a new contract low. The firmer euro against the US dollar weighs on the market as it further reduces the competitiveness of euro area wheat in the world market. Yesterday, the EU Commission lowered its monthly forecast for the EU wheat harvest in 2017/18 from 142.5 million tonnes to 142.0 million tonnes. In addition, the Commission now expects only 26 million tonnes of wheat exports (previously 27 million tonnes).
