News from Russia lowered the price of wheat

After the information that Russia not only refused to limit wheat exports, but will increase it from 30 to 35 million tonnes, wheat prices have resumed falling.

Good yield of spring wheat in Siberia and in the East gives hope to receive a good harvest provided favourable weather conditions. However, this will not affect  to exports as shipping grain from these regions to the ports is too expensive.

the Introduction by Argentina export duties will increase the competitiveness of French wheat on the market of Algeria. However, while this factor traders have not taken into account.

• December futures on milling wheat in Paris fell by 2.72 €/t 200,5 up to €/t or 232,57 $/t

After the long weekend exchange in the United States rapidly began to fall   on news from Russia and Argentina and the results of weekly export and harvesting of spring wheat in the United States.

a week in USA collection spring wheat has advanced by 10% and now has been fulfilled by 87%.

wheat Exports for the week decreased by 20% to 391,9 thousand tons, which is 34,5% more than the corresponding week last year.

the December futures for U.S. wheat has decreased:

5.97 $/t to 197,31 $/t for solid winter HRW wheat in Kansas city

by 5.14 $/t to 214,86 $/t on a firm spring HRS wheat in Minneapolis.

• by 5.14 $/t to 195,39 $/t for SRW soft winter-wheat in Chicago

with the decline in world prices for wheat Egyptian GASC announced a tender for purchase of wheat for delivery in October, which will have a markets price target in the near future.