Chicago wheat futures closed yesterday at their lowest level in nearly 2 weeks, after the USDA released its WASDE report. For both 2017/18 and 2018/19, the Department of Agriculture estimated that wheat stocks in the United States were higher than expected by analysts. For the marketing year 2018/19, the ministry estimated final stocks at 955 billion bushels (average expectation: 930 million billion bushels), for 2017/18 it was 1.07 billion bushels. (average expectation: 1.065 billion bushels). However, at 264.33 million tonnes, the 2018/19 global end-of-year estimate was significantly lower than the average expectation of 269.18 million tonnes. With a total of just 83,400 tons of US wheat, the weekly US export sales disappoint all along the line. Institutional investors yesterday sold 4,500 lots of CBoT SRW wheat. At the Euronext in Paris, the wheat futures also closed with losses. In general, good prospects for the grain stocks in the European Union reports the agricultural consultancy strategy Grains. However, the company warned that the hot weather in some parts of the east of the EU could stress stocks.
