Ahead of the release of a new USDA report wheat prices remain stable

Wheat prices on global stock exchanges and physical markets remain at a high level amid uncertainty with the harvest in Russia and Canada, as well as poor wheat quality in the EU and Ukraine.

Traders expect that in the September USDA report, the estimate of global wheat production will not decrease, as the decline in the Canadian harvest will be offset by its growth in Australia, and the forecast for Final stocks will even increase.

The Australian Bureau Abares raised its forecast for wheat production in the country in 2021/22 MG by 17% to 32.6 million tons, which is only 2% lower than last year's record harvest, since a lower yield than last year does not compensate for the expansion of sowing areas by 1%.

Prices for Black Sea wheat remain at F 300/ton FOB. Today's tender in Egypt, where GASC plans to purchase wheat for delivery in October – November, will be a new price indicator.

In Russia, as of September 7, 68.8 million tons of wheat with a yield of 2.94 t/ha were threshed from 23.4 million hectares or 81.5% of the area. The total production volume, given the low yield of spring wheat, is unlikely to exceed 75 million tons.

Black Sea wheat futures on the Chicago Stock Exchange fell yesterday:

• September-by 1 1.75 / ton to 3 300.25 / ton,
• December-by 3 3.75/ton to.308 / ton.

Export inspections of wheat from the United States for the week increased by 3% to 381.5 thousand tons, which is in line with traders ' expectations. Spring wheat is harvested on 95% of the area, and winter wheat is sown on 5% of the area due to favorable weather, compared to 3% last year.

September US futures fell:

• by 2 2.39 / ton to Чикаго 264.5/ton for soft winter SRW wheat in Chicago,
• by 2 2.02 / ton to H 263.6/ton for hard winter HRW wheat in Kansas City,
• by 1 1.56/ton to.333.6 / ton for hard spring HRS wheat in Minneapolis.

Wheat exports from the EU for the week increased to 516.5 thousand tons, and in general since the beginning of the season amounted to 4.7 million tons, which is 29% higher than last year's pace.

• On the Paris Stock Exchange, September wheat futures fell another €0.75/ton yesterday to €239.25/ton or.283.2/ton, while December futures remained at €242.25/ton or. 286.88/ton.

The Pakistani agency is holding a tender for the purchase of 550 thousand tons of food wheat, the offer prices of which increased to 3 369.5-C 386.6/ton CFR.