A wheat and corn bearish USDA report led to strong losses on the CBoT. The US final wheat stocks in 2019/20 estimated the USDA at 1.043 million (expected at 1.015 million, previous month 1.014 million). The estimate of the global wheat endstocks 2019/20 to 287.80 million tons was also increased. It exceeded the market expectations of 285.17 million to. The weekly export figures were in line with market expectations with 521,900 tons of US wheat. Institutional investors yesterday sold 7,000 lots of CBoT SRW wheat.
The eCBoT treats the wheat future to the hour again.
The wheat courses in Paris followed the negative guidelines from overseas. A significant rise in the euro against the US dollar also put pressure on it. Investors seek a safe haven in the US currency. An agreement in the trade dispute with China and an orderly Brexit seem possible. The wheat prices at Euronext in Paris had been steadily improving since the beginning of September, supported by good demand from North Africa and a weak euro exchange rate. The latest call for tenders from the Egyptian GASC showed, however, that the prices for wheat from the euro area are now too high.The correction came yesterday with a minus of 1.75 to 177 € / to for the December 19 appointment.
