Good weekly US wheat exports saw the wheat futures close in Chicago yesterday with significant gains. With 803,000 tonnes of US wheat, weekly export sales exceeded market expectations of 200,000-500,000 tonnes. US exporters reported the sale of 200,000 tonnes of HRW wheat to Iraq for delivery in the 2018/19 marketing year through the US Department of Agriculture's daily reporting system. The wheat market also benefited from the strong upturn in soybean futures. The establishment of a discussion group with representatives from Washington and Beijing gives reason to hope that soybean shipments from the USA will soon pick up again. Institutional investors yesterday bought 4,000 lots of CBoT SRW wheat. The eCBoT is weaker this morning.
At Euronext in Paris, wheat futures benefited from good overseas guidance and closed on all dates with good mark-ups. The recent price decline was too strong, according to some traders. At the cash market in Hamburg, the quotations for wheat with 12% protein for delivery in September remained unchanged at 5 € over Paris December 18. The quotations for feed wheat in Südoldenburg for September / December were 223 euros.
