28.
09.18
06:36

grain mail

Positions ahead of today's USDA quarterly report caused losses for the wheat futures yesterday in Chicago for the third consecutive day. Today at 6 pm, the USDA releases the Quarterly Grain Stocks. Analysts expect US wheat stock to increase to 2.343 billion tonnes as of Sept. 1 (Sept. 2017: 2.266 billion tonnes). The weekly US export sales of 657,100 tons of US wheat exceeded the market expectations of 250,000 - 500,000 tons. Institutional investors sold about 4,000 lots of CBoT SRW wheat yesterday. The eCBoT is almost unchanged this morning. At Euronext in Paris, the wheat futures were unable to sustain the daily gains and closed the day before. The International Grains Council increased its forecast of global wheat production in the 2018/19 season by 1 million tonnes to 717 million tonnes. SovEcon reduced its forecast of Russian grain exports in 2018-19 to 42.4 million tonnes (previously: 43.7 million tonnes). The forecast for wheat exports reduced the company by 400,000 tonnes to 33.5 million tonnes. SovEcon expects that the Russian government will not impose export restrictions for at least another month or two.

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