Prospects of precipitation in the US Plains and losses in the soybean and corn complex caused the SRW wheat futures yesterday in Chicago to close the fourth day in succession with hefty discounts. Weekly US export inspections were at the upper end of market expectations with 483,058 tons of wheat. After close of trading, the USDA released weekly ratings on US winter wheat. 31% of the stocks received the top rating "good to excellent", last week: 30%. Analyst estimates ranged between 28-31%. Institutional investors yesterday sold 9,000 lots of CBoT SRW wheat. At the moment the eCBoT is a little firmer. At Euronext in Paris, wheat futures followed weak overseas guidance and dropped to their lowest levels in more than two weeks. In Western Europe, dry and warm weather is expected after the wet and cold start to spring this week. The price of Russian export wheat with 12.5% protein for delivery in April increased by $ 2 to $ 212 / ton FOB last week, according to IKAR. At the cash market in Hamburg, the quotes for standard wheat with 12% protein increased by 0.50 cents to 3.50 euros over Paris May 18. The quotes for feed wheat in South Oldenburg increased by 1 euro to 179 euros.
