Speculators warm up wheat prices after Christmas

2019-12-27 12:29:33
Machine translation
Speculators warm up wheat prices after Christmas

Thursday wheat US exchanges together have resumed growth. In addition to the speculative component of quotations supported the predictions of the reduction of exports of certain producing countries, particularly Russia.

 

Experts raised the limit of the expectations for the weekly export sales of US wheat to the high season level of 900 thousand tons.

 

March wheat futures in the U.S.:

the

by 3.67 $/ton to 172,88 $/t for solid winter HRW wheat in Kansas city

1.56 $/t to 201,08 $/t on a firm spring HRS wheat in Minneapolis.

  • by 2.94 $/t to 201,72 $/t for SRW soft winter-wheat in Chicago

 

European exchanges yesterday worked, and today they can be opened with a slight growth against the background of the forecast increase in imports in Morocco, especially French wheat.

 

the Government of Morocco on Thursday by the decree stopped for the period from 2 January to 30 April 2020 the effect of import duties on soft wheat, which is now 35%, to ensure stable supply and avoid rising prices in the domestic market. This year in Morocco, raised 5.2 million tons of wheat, of which 2.68 million t – soft, which is 49% lower than in the previous year.

 

Russia as of December 15, exported of 22.03 million tonnes of grain, which is 15.8% less than on this date in 2018, In particular, wheat exports decreased by 13.4 per cent to 19.1 million tonnes According to the forecast of Rusagrotrans, in this season, the country will export 43 million tons of grain, of which 33.2 million tons – of wheat, whereas in 2018/19 MG, these figures were 45.1 million tons and of 36.1 million tonnes, respectively. Export prices for Russian wheat with protein of 12.5% increased to 218 to 221 $/t FOB against the background of rising world prices and increased demand from importers, including after the resumption of supplies to Iran after a three year break. But further price increases will limit the high competition from European seed.

 

Warm winter and a seasonal increase in the supply of wheat since January-February, may slightly reduce prices amid adequate stocks of wheat in major importing countries.

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