grain mail

Profit taking following the strong gains of the previous day as well as weak US wheat demand on the global market and positioning ahead of the USDA report saw wheat futures close down in Chicago yesterday. The expectation of a larger US winter wheat acreage and good starting conditions for winter wheat sowing intensified the pressure. 5% of the planned space has already been ordered. Today at 6:30 pm, the US Department of Agriculture publishes the monthly WASDE report. Analysts expect US end-of-wheat stocks to rise to 941 million bushels (August forecast: 935 million bushels). Institutional investors yesterday sold about 7,500 lots of CBoT SRW wheat. At the moment the eCBoT is trading with moderate premiums. The wheat futures on Euronext in Paris followed the weak overseas guidance and closed on all dates with losses. The front month of December fell again below the 200 Euro mark in the course of trading, but closed higher. Egypt tendered a wheat tender for the delivery period Oct. 25 through Nov. 4 last night. Analysts expect Algeria to follow shortly.In the cash market in Hamburg, the quotations for wheat with 12% protein for delivery in September remained unchanged at € 4.50 over Paris December 18.

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