grain mail

Technical sales and weak export demand for US wheat on the world market caused wheat futures to close yesterday in Chicago with losses. This afternoon, the USDA publishes weekly US export sales. Analysts expect wheat exports in a range of 250,000 - 500,000 tons. Institutional investors sold about 2,750 lots of CBoT SRW wheat yesterday. At the moment the eCBoT is a bit weaker. Whilst wheat futures on Euronext in Paris have been largely free from negative overseas sentiment and closed on all dates with slight mark-ups, weak export demand and the large wheat crop in Argentina are weighing on the market. Argentina expects a record wheat harvest of 19.7 million tonnes this year (previous year: 17.8 million tonnes). Wheat from Argentina competes with wheat from the EU on the export market. At export ports in France, demand for wheat is thin. Germany, one of the EU's largest wheat exporters, may become a net wheat importer due to the weak wheat crop this year, according to a report by the Global Agricultural Information Network (GAIN).

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