27.
08.18
06:33

grain mail

Technical sales, weak demand for US wheat on the global market and prospects for rain in some of the drought-hit wheat-growing regions in Australia led to Friday's losses in Chicago's wheat futures closing for the fifth consecutive day. The weekly loss totaled over 7.5%. Institutional investors sold about 4,500 lots of CBoT SRW wheat. The eCBoT is trading with moderate losses at the moment. At Euronext in Paris, wheat futures followed weak overseas guidance and ended the trading week at its lowest level in four weeks. In the past week, the price fell by 12 euros. The firmer exchange rate of the euro against the US dollar also weighed on the wheat market, because it makes exports more expensive and thus worsens the competitiveness of euro-area wheat. The German Ministry of Agriculture reduced its forecast for the winter wheat harvest in 2018 by 19.1% to 19.4 million tonnes (previous year: 24 million tonnes). The total grain harvest in Germany is estimated at 34.5 million tonnes (previous year: 41 million tonnes). In the cash market in Hamburg, the quotations for wheat with 12% protein for delivery in September remained unchanged at 5 € over Paris December 18.

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