The fixed exchange rate of the US dollar and the spread of the corona virus outside of China weighed on wheat futures in Chicago yesterday. At 2:30 p.m. today, the USDA publishes weekly US export sales. Analysts expect wheat exports to range from 400,000 to 700,000 tons. Institutional investors sold 3,500 contracts of CBoT SRW wheat yesterday.
The eCBoT is currently dealing with further losses.
At Euronext in Paris, the wheat futures were able to recover from their initial losses despite the negative conditions from overseas and closed inconsistently in the evening. The good international demand on the wheat market, in particular the invitation to tender from Saudi Arabia and Tunisia, supports the European market. FranceAgriMer currently sees no signs of a disturbance in China's wheat demand due to the Corona crisis. The company continues to expect French wheat exports outside the EU of 12.6 million tons. However, the recent fall in prices in Russia and the fall in the ruble this week had made Russian wheat more competitive and limited the upward trend for Western European prices.
Source
HANSA Terminhandel
