21.
08.18
06:32

grain mail

The wheat futures in Chicago came under pressure yesterday and ended the first trading day of the new week with heavy losses. Traders expect Russian exporters to increase export activity over the coming months, fearing that the government will introduce export restrictions towards the end of the year. In addition, more than two million tons of wheat are to be sold out of state-owned Russian stocks in order to relieve the budget for state intervention. Institutional investors yesterday sold 8,500 lots of CBoT SRW wheat. The eCBoT trades this morning with further losses. At Euronext in Paris, the wheat futures followed the negative overseas guidance and closed on all dates with losses. The increased exchange rate of the euro, which makes wheat exports from the eurozone difficult, created additional pressure. Rainfall forecasts for drought-hit eastern Australia and slow European Union exports also cooled the market after Friday's rally. Wheat exports from the EU reached a volume of 1.8 million tonnes in the current marketing year 2018/19 as of 19 August. This is a decrease of 40% compared to the previous year.

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