Gains in Kansas City and Minneapolis Wheat and the severe cold in major US wheat-growing areas contributed to moderate premiums yesterday at the Chicago wheat quotes. Kansas City wheat croprating has been reduced by 14% to 37% for a good to excellent seed condition. Fund companies reduced their wheat shorts yesterday by 2,500 lots. With approximately 153,000 lots, funds are net short for CBoT wheat. This makes a rapid rise in price likely when unforeseen bullish events occur.
The CBoT night market is trading weaker at the moment.
At Euronext in Paris, the wheat futures were able to follow the improved overseas guidance and closed on all dates with gains. On the second trading day of the year, the front month trades again at the resistance of € 160 / to. The agricultural futures markets are supported by solid crude oil quotations. The future on North Sea oil Brent rose to its highest level in 2 1/2 years due to political uncertainty in Iran yesterday.
