The good global supply and technical sales caused wheat futures to close yesterday in Chicago with losses. In the US Plains, precipitation could provide better growth conditions for wheat next week. Today at 2.30pm, the USDA releases weekly US export sales. Analysts expect exports in the range of 250,000 to 650,000 tonnes for the current marketing period 2017/18. Institutional investors yesterday sold 4,000 lots of CBoT SRW wheat. The eCBoT trades this morning with further losses. At Euronext in Paris, the wheat futures followed the negative overseas guidance and closed on all dates with losses. The sharp fall in the exchange rate of the ruble to the US dollar improves the competitiveness of wheat from Russia. For the already weak wheat exports from the euro area that is another obstacle. FrancAgriMer has reduced its forecast of French soft wheat exports outside the EU in marketing year 2017/18 to 8.3 million tonnes for the sixth consecutive year. In Hamburg, the quotations for wheat with 12% protein remained unchanged at € 3 over Paris May 18.In the case of wheat with 12.5% protein, offers from the Baltic States (€ 7 over Paris FOB) are in the lead, ahead of Poland (€ 8) and Germany (€ 9).
