Reported 2 months ago
Wheat futures in Chicago are on track for a second weekly gain, driven by reports of a smaller harvest in Europe, particularly in France and Germany. Strategie Grains has lowered its forecast for the EU soft-wheat crop by 5%, and France expects a 25% drop in production compared to the five-year average. Analysts also noted that Egypt is seeking to purchase up to 3.8 million tons of wheat, indicating strong demand. With anticipation for the USDA's upcoming crop report, traders are also adjusting their positions, reflecting a potential rally as market trends shift.
Source: YAHOO