Grain mail

The wheat futures in Chicago closed yesterday with significant losses as a result of the firmer US dollar (eight-week high), which dampened the prospects for good US wheat exports. The front month of December broke through significant chart technical support lines. At 2:30 p.m. today, the US Department of Agriculture (USDA) publishes its weekly US export sales. Analysts expect wheat exports in a range of 250,000 - 600,000 tons. Institutional investors sold 8,000 contracts of CBoT SRW wheat yesterday. This morning the e-CBoT is trading even weaker.
The wheat futures on Euronext in Paris followed the negative specifications from overseas and posted discounts on all dates. However, the significantly weaker euro exchange rate, which fell to its lowest level since the end of July, prevented higher losses. In addition, Russia's good export business supported the market. Traders are eagerly awaiting a new tender from Algeria, which recently relaxed its wheat specifications to allow Black Sea origins like Russian wheat. Institutional investors on Euronext increased their holdings of net long wheat positions last week.

Hansa Terminhandel GmbH
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