Technical sales and profit taking caused the wheat quotes in Chicago to close at hefty markdowns yesterday. Meteorological services expect precipitation in the drought-stricken US winter wheat regions. The weekly US export inspection, with 327,662 tons of wheat, was in line with market expectations. After close of trading, the USDA released the weekly crop progress report. Accordingly, 34% of US winter wheat stocks are in top condition (previous week: 33%, previous year: 53%). Analysts expected ratings to improve by 1%. Institutional investors yesterday sold 7,500 lots of CBoT SRW wheat. The eCBoT trades this morning with moderate haircuts. At Euronext in Paris, wheat futures followed the negative overseas guidance and posted losses on all dates. The euro came under pressure again yesterday, preventing a sharp decline in Paris. At the cash market in Hamburg, quotes for wheat with 12% protein for delivery in May remained unchanged at 4 euros over Paris May 18. Yesterday, Saudi Arabia announced the purchase of 545,000 tons of wheat at an average price of $ 247.84 / tonne c & f.German wheat has good chances to be taken into account, but also Poland, France and the Baltic states are said to have good chances.
