The dryness in the US plains and other major growing regions left the wheat futures trading at a 10-month high yesterday, but profit-taking ultimately led to slight losses. With a total of 452,300 tons of wheat, weekly US export sales were in line with market expectations. This morning eCboT is almost unchanged. Wheat futures on Euronext in Paris were unable to hold their daily highs due to weakening Chicago prices, but closed higher. European traders reported export business for a volume of 278,000 tonnes of common wheat for the week ending 22/05/18. In the current marketing year 2017/18, they will increase to 18.02 million tonnes (-20% compared to the previous year). The IGC increased the global wheat harvest forecast for 2018/19 by three million tonnes to 742 million tonnes. However, the forecast of wheat stocks was estimated to be surprisingly low at 556 million tonnes. Russia's Sovecon reduced the forecast of the Russian wheat harvest from 78.2 million tonnes to 77 million tonnes due to unfavorable weather conditions in Siberia. Algeria's OAIC has purchased nearly 700,000 tonnes of wheat of optional origin for delivery in August as part of the latest tender.The lion's share of the supply comes from France according to dealers.
