grain mail

Profit taking weighed on wheat futures in Chicago yesterday. The rise in prices since Wednesday amid concern that Russia may limit wheat exports towards the end of the year was seen by traders as too exaggerated. The US weekly export sales of 414,800 tons of US wheat were within the market expectations of 200,000 - 500,000 tons. Institutional investors yesterday sold about 5,000 lots of CBoT SRW wheat. The eCBoT is firmer again this morning.
At Euronext in Paris, the wheat futures followed the negative overseas guidance and declined on all dates. However, at the beginning of the session, the market started with hefty spreads of over 2.5%. The high volatility reflects the uncertainty in the markets due to the threat of export restrictions in Russia and Ukraine. FranceAgriMer updated its estimate of the quality of the French wheat crop in 2018 yesterday. FranceAgriMer currently estimates that 85% of the wheat harvest this year has a protein content of 11.5% or higher. This confirms the original expectation of a good quality harvest, but the estimate is 6 percentage points lower than last week.

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