Wheat markets continued speculative reduction of prices

on Monday, wheat markets came from speculative growth to decline due to fixation of profit by traders and export data.

the Main news was the election of the President of Argentina, Alberto Fernandes, which promised the restoration of the export duties for wheat, which will reduce exports by a decline in production and the negative impact on the agricultural sector.

the French wheat Market yesterday fell under pressure Chicago, however, the quotations were supported by the good pace of European wheat exports and increased shipments in the port of Rouen.

• the December futures for milling wheat on MATIF fell by 1.75 €/t to 179,25 €/t or 198,93 $/t

For the week, the EU exported 297 thousand MT of wheat, whereas for the previous week not 272,7 thousand tons as was originally announced, and 459,4 thousand tons since the beginning of the season exported 8.5 million tonnes of wheat, which is by 49.5% higher than the corresponding figure of the previous MG.

Traders was inspired by the information that Germany will be the main supplier of wheat to Saudi Arabia to tender for 605 thousand tons.

In the US, investors took profits after Friday the price increases, therefore, the quotations declined slightly. In addition, price pressure is favorable for sowing of winter wheat weather and strong competition in world markets against the background of abundant supply. Now in the US winter wheat planted 85% of space compared to 77% for this date last year and 82% average over 5 years.

wheat Exports from the U.S. last week fell by 9.9% to 523,3 thousand t that on 33% exceeds the corresponding figure of the previous MG.

the December wheat futures in the U.S. fell:

2.11 $/t to 153,22 $/t for solid winter HRW wheat in Kansas city

3.31 $/t to 193,91 $/t on a firm spring HRS wheat in Minneapolis.

• 2.21 $/ton to 188,03 $/t for SRW soft winter-wheat in Chicago

the Russian wheat continues to rise, although the demand for it falls because of competition from Ukrainian and European grain. For the week the exports decreased from 727 to 426 thousand t

Ukraine for the week increased the export of wheat from 386 to 814 thousand tons.

Today, the Egyptian GASC will hold another tender for purchase of wheat, which will determine the price trend for the next few weeks.