Grain mail

Technical purchases after the previous day's losses, short coverings from fund companies, price increases in the soy and corn complex and good global demand caused wheat prices to close at a 1-month high yesterday in Chicago. The December contract rose in the last six of seven sessions. The market was also supported by a long list of international tenders, including Egypt, Jordan and Taiwan. Egypt's state grain buyer GASC bought 530,000 tons of Russian-origin wheat yesterday evening as part of an international tender process. Institutional investors bought 6,000 contracts of CBoT SRW wheat yesterday. The e-CBoT is trading almost unchanged this morning.
At Euronext in Paris, the wheat futures were able to follow the improved specifications from overseas and closed all appointments with surcharges. At the cash market in Hamburg, the premiums for export wheat with 12% protein for delivery in September remained unchanged at 1.00 euros below Paris Dec. 20. Export prices in Poland rose last week, partly due to the stronger demand, but also to the was due to strong competition. The euro exchange rate fell moderately.

Hansa Terminhandel GmbH
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