Technical buys and shorts as a result of the dry weather conditions in the southern US plains caused a sharp increase in wheat futures in Chicago on Monday. Yesterday they rose again and reached their highest level since the beginning of March. Weekly US export inspections were in line with market expectations with 376,256 tonnes of wheat. The USDA has awarded the top rating "good to excellent" in its Weekly Crop Progress Report on Monday for 33% of US winter wheat stocks. Analysts expected a share of 32% (previous week: 31%). US summer wheat sowing is done on 10% of planned land (expected 12%, 5 year average: 36%). This morning, the eCBoT is a bit weaker. Euronext in Paris closed yesterday due to holidays. On Monday, wheat futures benefited from good overseas sentiment and reached a 2-month high. Unfavorable weather news for the US, Central and Eastern Europe and the weaker euro exchange rate helped the market. At the cash market in Hamburg, the quotes for wheat with 12% protein fell by 1 Euro to 3.50 Euro via Paris May 18.
