The wheat quotations in Chicago were yesterday the strongest link in the agricultural complex and moderately increased. Technical purchases and short-caps from fund companies prior to the USDA release Friday night (Quarterly Grain Stocks and WASDE report) provided support. The strong export competition on the world market and the good supply situation, however, kept the price gains within limits. Today at 2.30pm, the weekly US export sales will be released. In the run-up, market analysts expect wheat exports in a range of 250,000-450,000 tonnes. Fund companies reduced their short positions yesterday by 2,500 lots of CBoT SRW wheat. The eCBoT is weaker this morning. At the Euronext in Paris, the wheat futures had another calm day and closed at low levels unchanged to slightly weaker. The French agricultural advisor FranceAgriMer yesterday lowered its forecast of French wheat-third country exports to 9.3 million tonnes yesterday for the third time in a row. In December, it still expected 9.5 million tons. Exports from France to other EU countries are now estimated at 8.6 million tonnes. That's 500,000 tons more than previously predicted.The euro depreciated yesterday, improving the competitiveness of euro area wheat in the world market.
