09.
09.20
06:23

Grain mail

For the fourth day in a row, wheat futures suffered losses in Chicago yesterday. Higher harvest prospects in Australia, which signal more intense competition for US exporters, negative targets for Kansas City and Minneapolis wheat and the increased exchange rate of the US dollar put pressure on prices. The weekly US export inspections of 695,741 tons of wheat were at the upper end of the market expectations of 450,000 - 700,000 tons. Institutional investors sold 6,000 contracts of CBoT SRW wheat yesterday. At the moment the electronic night exchange is trading almost unchanged.
The wheat futures on Euronext in Paris were trading in a narrow range yesterday and closed unchanged to moderately stronger. The December contract reached a price of 189 euros in the course of trading, a 7-week high that was already reached last Thursday and Friday. However, this technical resistance has not yet been overcome. In Argentina, the rains over the past 10 days helped revitalize drought-stricken wheat stocks and improved prospects for corn sowing to start later this month.

Source
Hansa Terminhandel GmbH
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