Prospects of cold and dry weather in the US Plains, which could further damage the stressed winter wheat stocks, fueled the sharp rise in wheat prices yesterday in Chicago. The front month of May ended the trading day at its highest level for almost 2 1/2 weeks. With 309,200 tons of wheat, weekly US export sales were at the bottom of market expectations of 250,000-700,000 tons. Institutional investors yesterday bought 7,000 lots of CBoT SRW wheat. At the moment the eCBoT is moderately weaker. Wheat futures on Euronext in Paris followed the good overseas guidance, but only gained slightly. In the week ending April 3, the EU's wheat exports reached a volume of 14.5 million tonnes in the 2017/18 marketing year. That's 25% down on exports at the same time last year. Cash market prices in France continue to be supported by the railroad workers' strike, which impedes logistics. At the cash market in Hamburg, the quotes for standard wheat with 12% protein are at 4.50 euros over Paris May 18. The quotations for feed wheat in Südoldenburg for delivery in April are still higher, at 175 euros.
