New forecasts and speculators launched the price of wheat down
After rising on Tuesday by more than 5% wheat futures on Wednesday lost 1.5-2% against the forecast of reduction of the acreage under wheat in the United States.
the Agency Allendale estimated the acreage of wheat in the United States in 47,414 million acres, whereas in yesterday's report of the IEG Vantage predict their level of 46.72 million acres.
On this news speculators intensified selling, locking in profits after the previous growth. Analysts will receive the official USDA forecast on crop areas on March 29.
May futures in the U.S. fell:
to 2.20 $/t to 160,48 $/t for solid winter HRW wheat in Kansas city
3.77 $/t to 202,27 $/t on a firm spring HRS wheat in Minneapolis.
- 2.11 $/t to 164,33 $/t for SRW soft winter-wheat in Chicago
the European wheat market also got some support factors.
Tunisia yesterday at the tender purchased:
50 thousand tons of durum wheat at the price of 280 $/ton (-12 $/MT from the previous trading session),
25 thousand tons of feed barley at a price 198,9 $/t CFR (-12 $/MT from the previous trading session).
- 92 thousand tons of milling wheat at a price 235,9 $/t $19/t lower than at the previous auction,
Traders hope to win the European wheat on the tender in Algeria.
in addition, the Korean KOFMIA today will hold a tender for the supply in may-July 50 thousand MT of Australian milling wheat.
State Agency FranceAgrimer has raised its forecast for exports of French soft wheat from 8.85 to 9.5 million tons amid increased sales. In early March the country exported 632 thousand tons of soft wheat, mainly in Algeria and Morocco, whereas in February – only 702 thousand tons
- the May wheat futures on Euronext rose 1.25 €/t up to 185,5 €/t or 210,16 $/t
the Purchase price of Ukrainian wheat in the currency of the world after falling, while the hryvnia rose as the dollar strengthened.
Today traders in the port offer for wheat:
protein 11.5 per cent 203-204 $/t or 6250-6350 UAH/t,
the forage, 195-196 $/t or 6050-6150 UAH/t
- protein 12,5% - 204-206 $/t or 6250-6450 UAH/t,
wheat Exports from the Ukraine last week fell to 107 thousand tonnes, and since the beginning of the season made up 12.78 million tonnes, which is 5% lower than the level of the previous season.
with Favorable weather conditions allowed to start spring sowing, for a month earlier than usual. As of March 13, planted 258 thousand hectares or 11% of the plan, including barley – 177 thousand hectares (11% of the plan) and wheat – 10 ha (6%).