Grain mail

Record harvests from the top exporters weighed on wheat futures in Chicago yesterday and caused losses. The Russian agricultural consultancy ICAR announced that it has increased its forecast for the Russian grain harvest in 2020/21 by 1.5 million tons to 129 million tons. The forecast of the wheat harvest rose to 81 million tons. 90% of US winter wheat stocks were harvested as of August 9, the USDA reported yesterday after close of trading (previous week 85%). Institutional investors sold 4,500 contracts of CBoT SRW wheat yesterday. At the moment the eCBoT is acting more firmly. The wheat futures on Euronext in Paris followed the weak guidance from overseas and fell to their lowest level in six weeks. The weaker exchange rate of the euro provided some relief. The price of Russian export wheat fell for the second time in a row last week as the harvest in Russia progresses and enters the market. Export wheat from Russia with a protein content of 12.5%, loaded at Black Sea ports, cost $ 205 / ton FOB at the end of last week, according to ICAR, a decrease of $ 2 from the previous week. EU common wheat exports including Great Britain in the current marketing year 2020/21 (July to June) reached a volume of 978,000 tons as of August 9.That is a decrease of 61% compared to the previous year.