14.
08.18
06:52

grain mail

The bearish USDA report also hit yesterday's wheat futures in Chicago, which fell to a 2-week low. Many market participants were surprised by the level of expected global wheat stocks. Analysts expected a stronger takeback due to the drought in Europe and the Black Sea region. With 462,854 tons of wheat, weekly US export inspections exceeded market expectations of 300,000 - 450,000 tons. Institutional investors yesterday sold 8,000 lots of CBoT SRW wheat. The eCBoT is trading moderately firmer this morning.
At Euronext in Paris, wheat futures were unable to escape the negative overseas conditions and posted heavy losses on all dates. Profit taking and technical effects reinforced the downward pressure. Wheat exports from the European Union totaled 1.3 million tonnes in the current marketing year 2018/19 (-43% compared to the previous year). On the cash market in Hamburg, quotes for wheat with 12% protein for delivery in September rose by € 1 to € 5 over Paris in December 18, offsetting part of the decline. The quotes for feed wheat in Südoldenburg for September / December fell to 226 euros.

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