grain mail

Heavy rains in some US wheat-growing areas, which led to flooding of new countries, as well as new export expectations, caused wheat prices to close slightly in Chicago yesterday. The USDA yesterday announced a sale of 120,000 tonnes of US wheat to Bangladesh for delivery in 2018/2019. The e-CBoT is firmer this morning.
At the Euronext in Paris, the prices of wheat futures were also able to hold their ground and they closed unchanged to slightly firmer. The trading volume and the daily fluctuations have weakened significantly. The prices were supported by a weak euro exchange rate. Traders are preparing for the USDA report tomorrow, Wednesday, 18:00 German time. The US agency will issue a new assessment of the global market in its monthly crop report. The harvests in Russia and Australia are under special observation. France's Minister of Agriculture yesterday cut its crop estimate again in 2018; now the wheat harvest is 6.5% smaller than last year. Exports, at 8.3 million tonnes, are also expected to be 200,000 tonnes smaller than in 2017.

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