Wheat prices showed relatively little movement yesterday in both Paris and Chicago. December, the new front month, lost EUR 2.25/t and closed the trading day with a settlement of EUR 335.50. The USDA's WASDE was also unable to steer the market in one direction or the other in a sustained manner. Profit-taking after Monday's sharp rises are primarily responsible for yesterday's decline. As previously expected, the USDA again raised the outlook for global wheat production by 4.3 million tons to 783.9 million tons. The strong Russian harvest in particular is responsible for the repeated increase in production figures. An increase of 1 million tons compared to the August estimate is also expected for the Ukraine. Global demand is also expected to pick up. Europe and Russia in particular could benefit from this. Last week's US export shipments of 736,515 t of wheat were significantly better than in the two previous weeks.
Source
VR AgrarBeratung AG
