Technical sales and profit taking as well as rainfall prospects in the US plains caused losses at the wheat quotes yesterday in Chicago. The weekly US export inspections were 278,815 to. Wheat at the bottom of market expectations. Institutional investors yesterday sold 4,000 lots of CBoT SRW wheat. The eCBoT is a bit weaker this morning. Whilst Euronext in Paris, the wheat futures managed to hold their own despite negative overseas sentiment and closed at a modest premium. The lack of willingness to deliver and worries about bottlenecks in logistics due to planned railroad strikes in France provide support. The increased exchange rate of the euro prevented a stronger increase. Russian wheat export prices fell in the wake of weakness in Chicago and Paris last week, as well as the rise in the ruble to the US dollar. According to IKAR, Russian export wheat with 12.5% protein for delivery in April last week cost $ 208 based on FOB (- $ 1 the previous week). The EU Commission has its mtl. Forecast of EU wheat exports 2017/18 by 1.0 million to. to 23 million to. reduced. Iraq bought 100,000 tons of wheat. 50,000 to. in the United States and 50,000 to. in Australia.
