Improved weather conditions in the US plains, technical sales and positioning ahead of the USDA quarterly report on Thursday left wheat prices low in Chicago yesterday. Institutional investors yesterday sold 3,000 lots of CBoT SRW wheat. The eCBoT is a bit weaker this morning.
At the Euronext in Paris, the wheat futures had a rather quiet day and closed at weak sales, unchanged to slightly weaker. Traders report strong competition on the world market, especially with Russia. Market participants believe that sales to destinations in West Africa could offer some slight price advantages over Russia's old crop. Overall, however, the Black Sea region has the upper hand. At the cash market in Hamburg, the quotations for wheat with 12% protein for delivery in April remained at 4.50 euros over Paris May 18. The new harvest for delivery in September was 1.00 euros over Paris September 18. In France, the Market participants continue to logistical bottlenecks by the railway strikes, but major disruptions are not expected.
