The wheat futures in Chicago were the weakest link in the agricultural complex on Friday and closed at a loss. Profit-taking and negative targets from Kansas City and Minneapolis wheat weighed on the market. In a weekly comparison, however, the front month of March 20 gained 1.8%. The weekly US export sales of 406,400 tons of US wheat were at the lower end of the market expectations of 400,000 - 700,000 tons. Institutional investors sold 7,000 contracts of CBoT SRW wheat on Friday. This morning the eCBoT deals with further discounts.
Wheat futures on Euronext in Paris were unable to maintain their initial gains due to the drop in prices from overseas and ended the last trading day of the week inconsistently. The euro exchange rate stabilized after the sharp losses in recent weeks, but ended the week near a 3-year low. In France, the state of French winter wheat stocks remained stable compared to the previous week. 65% of the plants received the top rating "good to excellent". Traders are eagerly awaiting the results of Saudi Arabia's wheat tender.
Source
HANSA Terminhandel
