After yesterday's biggest daily plus for CBoT wheat in eight months, prices are falling again this morning. Yesterday the stock exchange reacted to an even smaller harvest estimate in Australia.
Traders in Singapore are telling their customers this morning that US and Canada wheat could benefit.
In Australia, the 2019/20 wheat harvest is now estimated to be the lowest in 12 years. There was a devastating drought on the east coast.
China announced yesterday that it would like to grant its importers exemption from import duties on US goods. Beijing is thus meeting its contractual obligations from the January 15 phase 1 deal. However, market participants expect Chinese import needs to decrease due to the corona virus crisis. This morning the press agencies report that 2,004 people have died from the lung disease caused by the virus and 74,000 Chinese have contracted the virus. 
Source
HANSA Terminhandel
