28.
11.18
07:19

grain mail

Technical sales and the prospect of further interest rate hikes by the Federal Reserve caused wheat futures to close yesterday in Chicago with losses. The Deputy Chairman of the FED announced yesterday that further interest rate increases were necessary. As a result, the dollar index rose to a two-week high. If the exchange rate of the US dollar rises, the competitiveness of US wheat on the world market deteriorates. The USDA rates only 55% of US winter wheat stocks as "good to excellent". In the previous week, the proportion of stocks in best condition was 56%. Institutional investors sold about 6,000 lots of CBoT SRW wheat. This morning, the eCBoT is uneven. At Euronext in Paris, the wheat futures followed the negative overseas guidance and declined on all dates. SovEcon increased the forecast of Russian grain exports in 2018/19 from 34.2 to 34.7 million tons. The grain exports via the Sea of ​​Azov are currently still running normally. However, should the tensions between Ukraine and Russia worsen, exports could also suffer, reports the Ukrainian Ministry of Agriculture. Algeria yesterday bought 600,000 tons of wheat of optional origin for delivery in January.

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