Wheat prices in anticipation of the USDA report remain under pressure of news from Russia
Global wheat prices move versatile on the background of uncertainty with exports from Russia and increase of forecasts of carryover stocks.
Export prices for Russian wheat increased to 270-275 $/t FOB through export restrictions and the planned increase in export duties, which entered February 15, from 25 €/t to 50 €/ton, as prices in the domestic market, contrary to expectations, has not declined.
On the background of the tenders in Egypt, Tunisia, Syria and Bangladesh, the rise in prices of Russian wheat has led to growth of quotations of the European wheat and prices on the physical markets.
Pakistan has acquired in the tender of 100 thousand tons of black sea wheat at the price 305-306 $/t C&F, which is 20 $/t higher than the price a month ago.
the March wheat futures in Chicago are falling for the 4th day in a row amid the profit-taking by investors and strengthen the dollar. In addition, traders expect in the January report, the USDA increased the forecast of ending stocks of wheat in the United States, and in the whole world.
the March wheat futures in the U.S. fell:
the
0.28 $/t to 218,25 $/t for solid winter HRW wheat in Kansas city
0.64 $/t to 222,66 $/t on a firm spring HRS wheat in Minneapolis.
- 1.47 $/t to 233,23 $/t for SRW soft winter-wheat in Chicago
the price of French wheat yesterday updated its 2-year high on the news from Russia: first, the rapid growth of export prices for Russian wheat, and then the intentions of the authorities to raise the export duty.
the
- the March futures for milling wheat on MATIF rose 1.25 €/t up to 218 €/t or 264,72 $/t
In today's USDA report is likely to be increased the forecast of world ending stocks of wheat that will increase pressure on prices, especially on higher forecast production in Argentina and Australia.
