07.
08.20
06:18

Grain mail

The good global supply situation and favorable conditions for US spring wheat caused wheat futures to fall 1.9% yesterday in Chicago. It was the third consecutive day loss. With a total of 605,500 tons of US wheat, the weekly US export sales were in line with market expectations of 200,000 - 800,000 tons. The Canadian consulting company FarmLink Marketing Solutions expects a record wheat harvest in Canada of almost 39 million tons due to optimal weather conditions, the previous record in 2013 was 37.6 million tons. Institutional investors sold 7,000 contracts of CBoT SRW wheat yesterday. This morning the e-CBoT is acting moderately tighter.
Despite the losses from overseas, the wheat futures held up quite well on Euronext in Paris and closed unchanged or slightly weaker. The fixed exchange rate of the euro and the decline in Russian export prices due to improved harvest prospects are weighing on the competitiveness of wheat from the euro area. In France, the wheat harvest is expected to be around 25% smaller than in the previous year. French traders seem to be looking for German wheat again to serve the Algeria tender.

Source
Hansa Terminhandel GmbH
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