Price gains on Kansas City and Minneapolis Wheat also closed the SRW wheat futures on Friday in Chicago with good mark-ups. In the southern US plains, the drought is putting pressure on winter wheat stocks and diminishing the yield prospects. In addition, frost leads to delays in sowing in the summer wheat growing regions. Institutional investors bought 5,000 lots of CBoT SRW wheat on Friday. The eCBoT is trading this morning with further gains.
At Euronext in Paris, wheat futures were unable to follow the positive overseas guidance and closed almost unchanged. The French agricultural consultancy FranceAgriMer awards the top rating "good to excellent" as of April 2 for 78% of French winter wheat stocks (unchanged from the previous week). One year ago, 90% of the stocks received the top rating. The rail strike in France could drag on until the end of June and thus until the end of the current grain season. That would be another heavy burden on French wheat exports.
On the cash market in Hamburg, demand for milling wheat is declining due to weak exports.The quotes for wheat with 12% protein for delivery in April were 4 euros over Paris May 18.
