Frosty and dry weather conditions in the US plains, as well as positioning ahead of today's WASDE report, again led to strong price increases in wheat futures in Chicago yesterday. The front month of May reached the highest level since mid-March during the day. With 430,800 tons of wheat, weekly US export inspections exceeded market expectations of 225,000-400,000 tons. The USDA reported after the close of trading that only 30% of winter wheat stocks in the United States are in top condition. Last week it was 32% and at the same time last year 53%. Institutional investors yesterday bought 11,500 lots of CBoT SRW wheat. Today at 6 pm the monthly WASDE report will be published. The eCBoT is trading moderately for the first time this morning after four sessions of earnings. At the Euronext in Paris, the wheat futures were able to follow the good overseas guidance and closed on all dates with profits. The rise of the euro against the US dollar prevented more pronounced mark-ups. In France, the railroad strike and a dockers' strike in Rouen are causing logistical problems and disruptions to shipments. At the cash market in Hamburg, the quotes for wheat with 12% protein fell to 3.50 euros over Paris May 18.
