grain mail

The lower crop prospects in Europe, Canada, Australia and the Black Sea region once again provided light support to wheat futures in Chicago yesterday and provided moderate gains. For the USDA report released on Friday, analysts expect lower US and world wheat ending stocks. Today at 2.30pm, the USDA releases weekly US export sales. Wheat exports are expected in a range of 200,000 - 500,000 tonnes. Institutional investors yesterday bought 3,500 lots of CBoT SRW wheat. The eCBoT is trading a bit harder this morning.
At Euronext in Paris, wheat futures did not benefit from the positive overseas guidance. Lower temperatures in Northern Europe, profit-taking and the firmer exchange rate of the euro caused losses. Due to the dry and hot weather in its latest forecast, the DRV expects the smallest grain harvest in 24 years. For the first time in a long while, the harvest will be lower than the consumption in Germany. The German winter wheat harvest estimates DRV at 19.2 million tons (previous year: 24 million tons). Due to the weak harvest in Germany, German importers have bought another 400,000 tons of feed wheat from countries in the EU and the Black Sea region in recent weeks.

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