07.
08.20
05:15

Technical buying interrupts the decline in the CBoT wheat price

After the strong price losses of the last few days due to the expected record harvest, some traders are now using the low price level to buy CBoT wheat futures. It will amount to the biggest weekly loss in a year. At the hour it is 5% less than a week ago. This morning some traders are propping up the rates and causing a slight increase in the CBoT night market.
Since the relationship between supply and demand in the physical wheat market in the world is still not balanced, traders in Sydney Australia expect that wheat prices could fall another 30-50 cents / bushel.
The Ukrainian agricultural consultancy ProAgro yesterday raised its harvest forecast for wheat from the Black Sea region from 26.07 to 26.59 million tons. The export forecast therefore rises by 600,000 tons.
In Canada, farmers are also bringing in a record-breaking wheat crop.

Source
Hansa Terminhandel GmbH
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