Grain mail

Profit-taking and the higher harvest estimate for Russia caused the wheat futures in Chicago to close with moderate losses on Friday. The December contract slid to a 1-week low. The United States faces tough competition from Russia, the world's largest wheat exporter. Russia's Sovecon increased its wheat harvest estimate in 2020 to 82.6 million tonnes, the last forecast being 81.2 million tonnes. At the beginning of the week, wheat futures benefited from the surge in Russian wheat export prices. Institutional investors sold 3,500 contracts of CBoT SRW wheat on Friday. Today the US stock exchanges will be closed due to the Labor Day holiday. Trading on the CBoT doesn't start again until Tuesday morning at 2:00 a.m. In a rather quiet trade, the wheat futures on Euronext in Paris could not decide on a clear direction and closed inconsistently. In Germany, attention is turning to domestic demand as Poland and the Baltic states continue to offer lower export prices. There is good domestic demand from mills and animal feed manufacturers. Germany's harvest this summer was of decent quality, so there is very little poor quality feed wheat available from the new harvest.

Hansa Terminhandel GmbH
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