Strategy Grains expects 123.3 million tons of wheat across the EU

The majority of wheat contracts went north in Paris yesterday. Contracts were also able to increase on the CBoT, but are showing a slight red sign this morning. The agricultural consultancy Strategie Grains has left its estimate for the EU wheat harvest unchanged compared to the previous month at 123.3 million tons. However, the analysis company expects the export quantity to be 1.4 million tons lower than the previous estimate. According to Strategie Grains, this should be 29 million tons. The French Ministry of Agriculture itself expects a harvest of 33.9 million tons there. That is about 3 percent less than the average of previous years, but this year the quality was better than last year. On the CBoT, wheat prices are supported by solid export demand. In the week ended August 4th, 360,000 tons of wheat were booked. That is 40 percent more than in the previous week.