Falling global wheat prices, losses in the soybean and corn complex and the higher exchange rate of the US dollar weighed on wheat prices in Chicago on Friday. In a weekly comparison, the front month of March lost 2.9% or 16 cents in value. Institutional investors sold 4,000 contracts of CBoT SRW wheat on Friday. Today, the stock exchanges in the United States remain closed due to Washington's Birthday and Presidents' Day.
The wheat futures at Euronext in Paris were able to free themselves from the negative requirements from overseas and closed with profits on all dates. The weak euro / dollar exchange rate, which has fallen to the lowest level since April 2017, improves the competitiveness of wheat from Western Europe and gives optimism to local exporters. However, weaker prices in Russia and the expectation of a large Russian wheat harvest this year limited the price increase. On the cash market in Hamburg, premiums for export wheat with 12% protein for delivery in March remained unchanged at 5 euros above Paris March 20. In Poland, prices were also supported by brisk export activities.
Source
HANSA Terminhandel
