The wheat futures in Chicago ended yesterday's trading session with losses. Initially, however, new highs were reached as market participants continued to worry about wheat stocks in several key growing regions. However, end-session profit taking and the strong US dollar ultimately led to price declines on the CBoT. The weekly US export inspections were in line with market expectations with 431,239 tons of wheat. After close of trading, the USDA released the weekly crop progress report. Accordingly, 38% of US winter wheat stocks are in top condition (previous week: 36%, previous year: 50%). Institutional investors yesterday sold 8,500 lots of CBoT SRW wheat. This morning, the eCBoT is even weaker. Wheat futures on Euronext in Paris were unable to hold highs due to negative overseas conditions, but closed on all dates with gains. The weak euro provided additional support. Algeria announced another tender yesterday to buy wheat for the period July 1-15. At the cash market in Hamburg, the quotes for wheat with 12% protein are € 17 under Paris Dec. 18.At the same time last week it was 8 € under Paris Dec. 18.
