- Following last weeks improved French crop conditions, further pressure was added to Euronext wheat as more than 13.5K contracts (680KT) were traded in the last hour of trading on the May-17 expiry.
- Euronext wheat fell -€3.25 as sellers overpowered buyers into the market close.
- Technical pressure and fund selling on Chicago wheat added to the pressure on global wheat markets.
- Pressure came on wheat as funds liquidated positions ahead of the First Notice day for the March-17 CBOT expiry.
- Jordan tenders to buy 100KT of wheat and 150KT of Barley.
- A strong Rouble continues to make Russian wheat less competitive on global markets.
- Rapeseed prices continue to fall as palm oil trades sharply lower on increased output.
- Soybean prices add to oilseeds pressure as US export inspections come out below estimates.
- Current Brazilian soybean exports lag behind last years. Logistical issues continue to slow progress.
Chart of the Day #1: US wheat fund positions
Futures & Options prices