Positions ahead of the USDA report and news of better conditions in the US Plains led to losses at the wheat quotes yesterday in Chicago. In the southern regions of the US Plains, rainfall provides better yield prospects. Some regions have been suffering from too dry conditions since October. Institutional investors yesterday sold 2,500 lots of CBoT SRW wheat. Today at 6 pm, the US Department of Agriculture releases its quarterly report with estimates of quarterly stocks and acreage. The eCBoT is trading a bit firmer this morning.
At the Euronext in Paris, the wheat futures followed the negative overseas guidance and closed with weak sales in a narrow range with slight reductions. The exchange rate of the euro against the US dollar eased, thereby improving the competitiveness of euro-area wheat. 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 demand is sporadic. The quotes for feed wheat in Südoldenburg for delivery in April are still higher, at 175 euros.
