Technical sales and precipitation forecasts in the southern US plains closed wheat futures yesterday in Chicago with losses. However, lower ratings of winter wheat stocks in the state of Kansas limited the downside potential. The US Department of Agriculture rates 53% of winter wheat stocks as "weak to very weak". Last week's share was 50%. Institutional investors yesterday sold 4,000 lots of CBoT SRW wheat. The eCBoT is a bit weaker this morning. At Euronext in Paris, wheat futures were unable to maintain their daily highs due to negative targets, but closed at a modest premium. The euro / US dollar exchange rate rose sharply over the course of the day, worsening the competitiveness of euro area wheat in the world market. Algeria's state-owned grain buyer OAIC bought 150,000 tons of wheat at a price of $ 225 to $ 226 / tonne c & f as part of an international tender process. The monthly demand of Algeria is much higher, at 450,000 to 500,000 tons. Russia's wheat exports are continuing in impressive fashion. Russia exported 3.1 million tonnes of wheat in February, compared to 2.7 million tonnes in January.
