Wheat futures in Chicago rose by 4.5% yesterday, which is as strong as last time in May last year. According to analysts, US wheat could benefit from the weak wheat harvest in Australia. The weekly US export inspections of 501,990 tons of wheat were within the market expectations of 400,000 - 600,000 tons. Institutional investors bought 14,000 contracts of CBoT SRW wheat yesterday.
The electronic night market is moderately weaker this morning. Wheat futures at Euronext in Paris rose to a 3-week high yesterday as a result of the fixed requirements from overseas and the persistently weak euro exchange rate. In addition, the Australian wheat harvest announcement at a 12-year low released earlier in the week boosted prices. On the cash market in Hamburg, premiums for export wheat with 12% protein for delivery in March fell to 4.00 euros via Paris March 20. In a series of tenders, the Turkish grain exchange TMO bought a total of over 250,000 tons of wheat of optional origin for the delivery period 5. March, 20th. India's wheat production in the current marketing year 2019/20 is expected to reach a record 106.21 million tons. That would be an increase of 2.5% over the previous year.
Source
HANSA Terminhandel
