Technical sales and falling corn prices weighed on wheat futures in Chicago yesterday. The weekly US export inspections of 523,713 tons of wheat were in line with market expectations of 300,000 - 600,000 tons. Egypt's raw material purchaser GASC launched a tender last night for the purchase of an unspecified amount of wheat. Deliveries are scheduled to take place between March 21st and 31st. The result of the tender is expected this afternoon. Today at 6 p.m. the USDE publishes the monthly WASDE report. Institutional investors sold 4,000 contracts of CBoT SRW wheat yesterday.
This morning the e-CBoT is moderately weaker.
The wheat futures at Euronext in Paris resisted the negative overseas requirements and closed with premiums on all dates. The weak exchange rate of the euro against the US dollar and the good demand for European wheat on the export market are currently supporting prices in Europe. Export prices for Russian wheat fell for the second year in a row last week as competition with other major wheat exporters increased and mild Russian winter weather favored sowing.
Source
HANSA Terminhandel
