Yesterday, the Chicago Board of Trade again highlighted the good supply situation worldwide and weighed on wheat futures. In addition, strong competition in the export market and rains over the coming week in the US Plains caused downward pressure. Weekly US export sales were well below market expectations with only 188,700 tonnes of US wheat. Institutional investors yesterday sold 4,500 lots of CBoT SRW wheat. At the moment the eCBoT is again weaker. At Euronext in Paris, wheat futures followed weak overseas guidance and closed at a discount, but the railroad strike in France limited the downside potential. Wheat exports of the EU member states reached a volume of 15.25 million tonnes in the current marketing year 2017/18 until April 10 (- 24% compared to the previous year). At the cash market in Hamburg, the quotations for standard wheat with 12% protein for delivery in April remained unchanged at 3 € over Paris May 18. Quotes for feed wheat in Südoldenburg are 178 €. Buyers from Spain and the UK supported the demand for German feed wheat.The delayed sowing of summer wheat in some regions in Germany could still lead to a conversion of some areas in favor of corn.
