Dry weather conditions in the US and other major wheat-growing regions around the world drove the wheat futures in Chicago to strong gains for the second consecutive day. Dry weather in the southern US plains is also expected for the coming days. India yesterday increased the import tax on wheat from 20% to 30%. Today at 14:30, the USDA publishes weekly US export sales. Analysts expect wheat exports in a range of 100,000 to 500,000 tonnes (old and new crop). Institutional investors yesterday bought 7,500 lots of CBoT SRW wheat. The eCBoT is a bit weaker this morning. At Euronext in Paris, wheat futures benefited only marginally from the positive overseas guidance and closed on the dates of the 2018 harvest. During trading, the December maturity reached a new 10-month high at € 183.25 / tonne. The good weather conditions in Western Europe limited the upside potential. The exchange rate of the euro fell again yesterday and traded in the course of trading the course of $ 1.17. At the cash market in Hamburg the offer for bread wheat with 12% protein for delivery in May fell to 11 € under Paris December 18.
