Wheat prices fall as it approaches collection in the United States

the Approach of collecting in the US, rains in Ukraine and Russia and predicted precipitation in France to reduce the price and demand for wheat of the new harvest. The market also pressured the data on wheat production in India and cancellation of the tender by Thailand.

According to The Tribune, the Indian farmers finish harvesting wheat crop which for the fourth year in a row will be a record and will be 107,2 million tonnes, 4 million tonnes will exceed the level of 2019 experts of the research Institute of wheat and barley (IIWBR) believe that in the next few years India will collect every year for 110 million tonnes of grain.

Thai company TFMA canceled the tender for purchase of 227.5 thousand tons of feed wheat for August-October, because the cheapest offer had a price of 215 $/t CFR, which is $10/t higher than predicted.

Trading on the French stock exchange on Wednesday, took place under the pressure of rains in Ukraine and Russia, which, according to experts, will reduce the effects of drought in March-April. Sluggish export sales of French soft wheat increase the pessimism of traders.

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• September futures for milling wheat on MATIF fell 1.25 €/t to 186.5 €/t or 204,63 $/t

According to experts of Rusagrotrans, from April 1 to may 26, Russia exported 6,37 million tonnes of grain under the quota until June 30, 7 million tons, the agriculture Ministry announced the suspension of exports in the case of the early implementation of the quota.

As of 27 may in Russia, spring wheat planted 11.2 million hectares, or about 91.8% of the forecast (2019 9.8 million ha). Amid improving weather conditions of the bid prices of Russian wheat protein 12.5% down to 198-199 $/t FOB for shipments in July-August.

July futures wheat in Chicago is cheaper for the third consecutive session, as speculators hold the sale as it approaches harvest. Prices pressure improve the condition of winter crops and the rapid pace of sowing.

the week number of crops of winter wheat in good or excellent condition increased from 52% to 54% (a year ago the figure was 61%), and the number of crops that moved in the earing phase increased from 63% to 68% compared to 725 with an average of 5 years.

Spring wheat in the United States planted 81% of the area compared to 80% a year ago and 90% on average for 5 years. Shoots were obtained on 51% of the area compared to 41% a year ago and 65% on average for 5 years.

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

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1.65 $/t to 188,58 $/t on a firm spring HRS wheat in Minneapolis.

• 0.83 $/t to 185,37 $/t for SRW soft winter-wheat in Chicago

Rose by 1.65 $/t to 165,99 $/t for solid winter HRW wheat in Kansas city.

In Ukraine, traders have resumed purchases of old crop wheat at a price of 195-200 $/t delivery port in may after the economy that even if the limit is exceeded exports at 20.2 million tons to limit exports of wheat will not. Demand price for deliveries of wheat of the new harvest in July-August remain at 178-182 $/t due to increased production forecasts.