Warmer temperatures with rains in the southern US Plains, weak demand for US wheat in the export market and negative guidance from Kansas City and Minneapolis Wheat caused moderate wheat losses in Chicago yesterday. The weekly US export inspections, at 234,418 tons of wheat, were at the lower end of the market expectations of 200,000 - 400,000 tons. Institutional investors yesterday sold 2,500 lots of CBoT SRW wheat. At the moment, the eCBoT is even weaker. At Euronext in Paris, wheat futures closed unevenly on weak sales. The news is thin overall and traders are trying to gauge the impact of adverse weather conditions in the United States and Russia. Algeria last week bought about 555,000 tonnes of wheat, a much larger quantity than originally expected. There is strong competition between France and Argentina. Argentina is currently benefiting from the peso's weak exchange rate against the US dollar and low freight rates. In Hamburg, the quotations for standard wheat with 12% protein for delivery in January remained unchanged at 3.50-4.00 euros over Paris in March 18.For feed wheat in Südoldenburg the offers are still higher, at 174.00 euros.
