04.
09.20
05:54

Grain mail

Further technical selling after the recent 5 month high and profit taking saw wheat futures close at a discount in Chicago yesterday. The weekly US export sales of 585,400 tons of US wheat were at the upper end of the market expectations of 350,000 - 600,000 tons. Egypt's state grain buyer GASC bought 55,000 tons of wheat from Russia in an international tender process at a price of $ 225 / ton FOB plus $ 15.50 / ton freight. Institutional investors sold 5,500 contracts of CBoT SRW wheat yesterday. This morning the electronic night exchange is trading a little more firmly. The wheat futures on Euronext in Paris had a quiet day yesterday and closed unchanged to moderately stronger. Only the front month of September 2020, which is about to expire, suffered exchange rate losses after the strong mark-ups of the last few days. The market was supported by the weaker exchange rate of the euro to the US dollar, which improves the competitiveness of wheat from the euro area. The wheat markets have recently benefited from the sharp rise in Russian export prices. Despite the intense price competition in the Baltic Sea region, more German exports to Algeria and Great Britain are expected.

Source
Hansa Terminhandel GmbH
Rückrufservice
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