13.
11.20
07:09

Grain mail

Technical sales, profit-taking and losses on the soy and corn complex saw wheat futures close at a four-week low in Chicago yesterday. In addition, Russia's decision to increase its grain export quota for the coming spring was a burden. According to estimates by the Rosario Grains Exchange, Argentina will harvest only 16.7 million tons of wheat, which would be the smallest harvest in five years. Today at 2:30 p.m. the USDA will publish its weekly US export sales. Analysts expect wheat exports to range between 200,000 and 700,000 tons. Institutional investors sold 6,500 CBoT SRW wheat contracts yesterday. At the moment the eCBoT is again trading at discounts.
At Euronext in Paris, the wheat futures followed the negative targets from overseas and closed all dates with losses. The increased exchange rate of the euro created additional downward pressure. The French consulting firm Strategy Grains expects an increase in wheat cultivation in the EU + GB for the 2021 harvest by 9% to 24 million hectares (previous year: 22 million hectares). The forecast of market participants surveyed previously was 23.8 million hectares. Market participants are eagerly awaiting the outcome of Algeria's tender to purchase a nominal 50.000 tons of wheat of optional origin.

Source
Hansa Terminhandel GmbH
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