Despite the increase in crop forecasts for Russia and Australian wheat prices are rising

After a decline in wheat quotations in the beginning of the week, yesterday on world markets have seen a rebound in prices amid the depreciation of the dollar and forecasts of the soft wheat crop in France, Agritel experts and Strategie Grains.

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• September futures milling wheat on MATIF rose by €1/t to 181,75 €/t or 213,94 $/ton, after the previous fall by 3 €/t

However, the rise in prices has limited the appreciation of the Euro, which continues to impair the competitiveness of European grain. Traders also drew attention to the deterioration of the spring wheat crops in Russia.

Today the Tunisian ODC will hold a tender to purchase 50 thousand tons of soft milling and 25 thousand MT of hard wheat for delivery in September and October, which will be a price indicator for European wheat.

the Market for U.S. wheat after the two-day fall has resumed growth. With the decline of the dollar to 2-year low investors hold massive speculative purchases in anticipation of enhanced exports.

the September wheat futures in the U.S.:

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3.31 $/t to 163,78 $/t for solid winter HRW wheat in Kansas city

1.75 $/t to 187,76 $/t on a firm spring HRS wheat in Minneapolis.

• at 3.40 $/t to 195,75 $/t for SRW soft winter-wheat in Chicago

Australia in 2020 could collect 30 million tonnes of wheat if over the next 2 months in Western Australia will be rain. Experts USDA in the July report predicted a crop at 26 million tons and Australian Agency ABARES has estimated it at 26.7 million tonnes, which is 75% higher than the figure recorded last year.

In Russia as of July 29, from 42.1% of the area or 12.4 million hectares and produced 44.8 million tonnes of wheat with a yield of 3.61 t/ha, while on this date last year the yield was 3.65 t/ha and the gross harvest – 42.8 million tons.

estimates of Rusagrotrans, arid conditions in the Eastern regions of the country will reduce the yield compared with the previous year by 1,6-1,8 million tons, while in the Central regions it will increase by 4 million tons and in the Volga Federal district it will grow from 11.4 to 16 million tons and more.