Supported by the bullish impulses from overseas, the wheat futures on the CBoT also went into the profit zone. May posted the highest price gain of EUR 9.00/ton to EUR 372.75/ton. In Chicago, the latest WASDE report provided strong buying impulses. In particular, the lowering of the forecast for global ending stocks to 278.4 million tons (-3.1 million tons) fed the bulls. Global exports have also been revised downwards. For the EU in particular, the US experts are only expecting a quantity of 34 million tons, which is around 3.4 million tons below the forecast from March. Likewise, the forecast for exports from Ukraine was lowered to 19 million tons. The analysts are expecting a slight increase in Russian exports of 33 million tons (+1 million tons).
Source
VR Agrarberatung