13.
08.20
06:17

Grain mail

The wheat futures in Chicago were the weakest link in the agricultural complex yesterday and closed at losses. The strong competition, especially with Russia and the weak demand for US wheat on the world market weighed on prices. The USDA yesterday raised its forecast for global wheat stocks at the end of the 2020/21 season from 314.84 million tons to 316.79 million tons (expectation 313.84). The USDA, on the other hand, lowered its forecast of US end stocks of wheat in 2020/21 to 925 million bushels (- 17 million bushels compared to the July estimate), while analysts expected an average increase to 946 million bushels. Institutional investors sold 4,000 lots of CBoT SRW wheat. This morning the e-CBoT acts a little more firmly. At the Euronext in Paris, the wheat futues followed the negative specifications from Overseas on all dates and recorded moderate discounts. The Russian agricultural consultancy SovEcon increased its forecast for the Russian wheat harvest in 2020 by 1.6 million tons to 80.9 million tons. Yesterday evening the Egyptian grain buyer GASC put out a tender to buy an unspecified quantity of common or milling wheat for the delivery period October 1 to 10.

Source
Hansa Terminhandel GmbH
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