In Paris, wheat prices did not find a consistent direction on Wednesday. While the forward dates posted profits, the later contracts had to end trading with red signs. The price correction on the CBoT picked up speed again yesterday. For the most traded May, it went down from $85 US cents/bushel to the equivalent of €398.52/ton. Above all, the latest WASDE report had helped the bears to take the lead again. The USDA expects a significant reduction in wheat exports to 21.7 million tons (270,000 tons). In addition, forecasts for global wheat production and global ending stocks have been increased. A very good wheat harvest of 36.3 million tons is expected for Australia in particular.
