grain mail

Negative guidance from Kansas City and Minneapolis Wheat, losses on the soya and corn complex and the rise in the exchange rate of the US dollar caused the wheat quotes in Chicago yesterday to close at a discount. The weekly export sales of 476,000 tonnes of US wheat were in line with market expectations. Institutional investors yesterday sold 3,500 lots of CBoT SRW wheat.
This morning the electronic night market is moderately firmer.
The wheat futures on Euronext in Paris followed the negative overseas guidance and closed on all dates with losses. However, the weak euro prevented a stronger fall in prices. The December 18 maturity slid in the course of trading to a 2-month low, the psychological and technical chart important resistance of 200 € could be defended. Analysts expect that the high pace of Russian wheat exports will slow in the coming weeks and months in favor of wheat from Western Europe and the US. So far, export activities in the EU and the United States are still thin. The drought in Western Europe continues to cause delays in winter wheat sowing.

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