The continued drought in the US plains and other major wheat-growing areas worldwide caused hefty markups at Friday's wheat futures in Chicago. Meteorological services expect dry weather for the coming days in the southern US plains and parts of Canada, Australia, Ukraine and Russia. In the past week, the front month of July rose 4.8%. Institutional investors bought 7,500 lots of CBoT SRW wheat on Friday. Today, Memorial Day is celebrated in the United States. The trading of agricultural commodities will start again with the launch of the electronic night market tomorrow, 29.05.2016 at 2:00 clock.
The wheat futures on Euronext in Paris followed the positive overseas guidance and also closed on all dates with gains. The weak euro against the US dollar and delays in the summer cereal sowing in the Black Sea region also gave the market a boost. The Russian agricultural consultancy IKAR reduced the forecast of the Russian wheat harvest in 2018 to 69.5 - 77.5 million tons (previously 73 - 80 million tons). Wheat exports in the marketing year 2018/19 IKAR expects in a volume of 34.3 million tons.
