After the gains of the previous days, wheat prices in Paris had to give way again sharply yesterday. The front month lost EUR 9.50/ton to EUR 281.25/ton. After hitting their highest level in over two months during yesterday's trading, CBoT wheat futures turned south again shortly thereafter. In addition to profit-taking and technical sales, the political situation between Ukraine and Russia has eased somewhat again. The strengthening US dollar caused additional selling pressure. Traders fear export business could suffer from stronger currency. Meanwhile, the EU Commission is trying to find a solution with Egypt for the strict import rules that have caused EU imports to Egypt to fall by almost 40%.
