Prices for black sea wheat may fall because of the sanctions against Turkey

2019-10-16 12:06:29
Machine translation
Prices for black sea wheat may fall because of the sanctions against Turkey

the introduction of the United States and the queue of economic sanctions against Turkey will increase the devaluation of the Lira and reduce the purchasing power of the local importers. For the week that passed after the first statements of trump, the Lira exchange rate against the dollar falls to 5-month low of 5.94 Lira/dollar. It is possible that further devaluation will be accelerated.

 

Turkey and Egypt are the main buyers of Russian wheat, prices of which depend substantially on demand from these countries. Bid prices of Russian wheat protein 12,5% up to 203-204 $/t FOB, while the bid price does not exceed $200/t FOB.

 

Today's tender, in which GASC plans to purchase not less than 55-60 thousand tons of soft milling wheat with delivery 21-30 November, will demonstrate the competitiveness of European wheat to the Russian and determine the dynamics of prices.

 

  • the December wheat futures on the MATIF fell by 2 €/t to 178,25 €/t or 196,57 $/t

 

Traders take to arrive after you update the prices of 2.5-month high and were awaiting the outcome of negotiations between the US and Turkey for the sanctions and agreement between the EU and the UK on Brest.

 

Pafter a two-day growth of prices for the December contract wheat in Chicago to the highest since July 25, level yesterday was speculative adjustments, investors took profits. Prices pressure drop in the neighboring markets of soybeans and corn against the background of increased harvest and forecasts of dry and warm weather in the U.S. next week.

 

Spring wheat in the U.S. collected on 94% of the area compared to the 100% average for 5 years, and winter crops sown 65% of the target that corresponds to the average level.

 

the December wheat futures in the U.S. fell:

1.65 $/t to 154,78 $/t for solid winter HRW wheat in Kansas city

to 2.39 $/t to 200,43 $/t on a firm spring HRS wheat in Minneapolis.

  • 1.47 $/t to 186,29 $/t for SRW soft winter-wheat in Chicago

Visitors’ comments (0):