The wheat supply on the world market will soon increase again

Chicago wheat futures rose this morning on bargain purchases following deep losses from the previous session, despite predictions of a near-record Australian crop and higher Russian exports slowing profits.
Australian farmers are expected to harvest more than 30 million tons of wheat this season. The country's harvest estimate was increased by almost 10% after favorable rainfall.
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) said wheat production would be 31.17 million tons in the 2020/21 season. In September the figure was still 28.91 million tons. Now the harvest result should not be far from an all-time high in 2016/17 of 31.8 million tons.
Wheat prices on the CBoT fell yesterday after the Russian Ministry of Agriculture announced that the country could increase its grain export quota, scheduled for February 15 through June 30, from 15 million tons to 17.5 million tons.
Sovecon's agricultural consultancy announced yesterday that Russia is expected to harvest 79.2 to 82.8 million tons of wheat in 2021, compared to 85.3 million tons in 2020.
Egypt's largest state-owned wheat buyer launched the second tender for the purchase of wheat within a week after the CBOT deal last night. Results will be today.
The weekly Commitity Futures Trading Commission report by the Commodity Futures Trading Commission also showed that non-commercial traders, which include hedge funds, have reduced their net short position in CBOT wheat and reduced their net long position in soybeans .

Hansa Terminhandel GmbH
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