Wheat prices in Chicago rose thanks to strong sales

the publication of the weekly report on sales of grain in the United States on Friday not the usual Thursday, I had the last trading day of the week is very active.

For the week, export sales of US wheat increased by 89% to 711,8 thousand tons, which became the highest indicator since August, 2018 and twice the level of the same period last year. Sales of soft wheat were the largest for 1.5 years. Export shipments of wheat increased to 480,7 thousand tons.

Traders hope this is the beginning of growth of demand for American and European wheat, caused by seasonal decline in black sea wheat exports due to the reduction of stocks.

On this news, wheat futures rose 3% in the US and 1.4% in Europe.

March wheat futures on US exchanges rose

by 6.06 $/t to 188,12 $/t for solid winter HRW wheat in Kansas city

4,50 $/t to 213,66 $/t on a firm spring HRS wheat in Minneapolis.

• by 5.79 $/t to 195,20 $/t for SRW soft winter-wheat in Chicago

According to Grain exchange Buenos Aires, Argentina as of December 6, with 45% of the area harvested 7 million tons of wheat with a yield of 2.57 t/ha, so that the experts left the production forecast at the level of 19.2 million tons.

• After the Chicago March futures for milling wheat in Paris rose in July for 1.75 €/t to a two-week high 203,75 €/t or 232,03 $/t

Good demand for Ukrainian and Russian wheat provides a slight increase in prices for grain with a protein of 11.5% and fodder, which leads to a reduction of the price spread for wheat with protein of 12.5%.