grain mail

Technical sales and the expectation of higher total global wheat stocks in the current marketing year of 2018/19 yesterday weighed on wheat futures prices in Chicago. The USDA increased its estimate of global end-of-wheat stocks to 266.71 million tons (October estimate: 260.18 million tons). However, it was noted that the estimate of global stocks excluding China would be down. Estimated US end-of-wheat stocks were reduced to 949 million bushels. Analysts expected an increase to 958 million Bushel. With 661,200 tons of wheat, weekly US export sales exceeded market expectations of 300,000 to 600,000 tons. Institutional investors sold about 2,000 lots of CBoT SRW wheat yesterday. This morning the e-CBoT trades with further moderate losses. The wheat futures at Euronext in Paris followed the negative overseas guidance on the dates of the old crop in 2018. The dates of the new crop 2019, however, were able to hold their own. On the cash market in Hamburg, wheat quotations with 12% protein for November delivery remained flat at € 3 over Paris December 18 due to weak demand.

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