Stock prices for wheat expect new factors
Yesterday's stock and commodity markets slipped sharply on the data about GDP of USA in the 2nd quarter by 32.9%, but by the end of the trading session the quotations have returned almost to previous levels. The strengthening of the Euro against 1,1895 $/€ continues to reduce the competitiveness of European goods.
After the previous rising prices, investors in Chicago recorded the net profit and carried out by speculative sales amid falling stock market indices and oil prices, despite the fundamental factor of high demand for us wheat.
Export sales of US wheat over the week grew by 9.3% to 676,5 thousand tons exports for the week amounted to $ 505.4 bn tonnes, and in total, the season was 3.9 million tonnes, which is 3.5% higher than the corresponding figure 2019
the September wheat futures in the U.S. fell:
2.11 $/t to 161,67 $/t for solid winter HRW wheat in Kansas city.
- 1.19 $/ton to 194,55 $/t for SRW soft winter-wheat in Chicago
Rose 0.73 $/t to 188,49 $/t hard spring HRS wheat in Minneapolis.
yesterday the European Commission has again lowered the forecast production of soft wheat in the EU (excluding the UK) with up to 116,6 117,2 million tons, as previously reduced yield estimation. The export forecast was left at the level of 25 million tons.
experts of the German agricultural cooperatives DBV estimated the wheat crop in Germany at 21.4 million tons, which is 6% less than the previous year. It is expected that Poland will gather 11.6 million tonnes, which is 5% higher than the harvest last year and will be the 3-year maximum.
French wheat yesterday did not pay attention to the drop in Chicago and has risen due to containment of sales producers who plan to wait for final data on the new crop, so do not hurry to sell grain.
wheat Exports from the EU for the week amounted to 101.5 thousand tons.
Tunisia yesterday got on the tender 50 thousand tons of wheat at an average price of 226,35 $/t CFR and 25 thousand MT of hard durum wheat at an average price of 321,2 $/t CFR.
- September futures milling wheat on MATIF rose 1.25 €/t to 183 €/t or 217,52 $/t
September futures on the black sea wheat in Chicago yesterday fell 0.2% to 210,5 $/t in December by 0.4% to 216,5 $/t
In Ukraine, purchasing prices for milling wheat remain in the port at levels 191-195 $/t or 6400-6500 UAH/t, because the producers are holding back sales. However, traders are reluctant to raise prices because of lower export demand.
Analysts expect that 40% of new crop wheat will feed, but the quality was better, so the spread between the prices of feed and milling wheat decreased from 10 to 3-5 $/t
the Processors has raised the purchasing prices for feed wheat in 5800-5950 UAH/t with delivery to the plant, whereas in the port for her offer 6250-6300 UAH/t