Wheat prices rose due to powerful rainfall

Promised in the coming days, the powerful precipitation in the United States led to the speculative rise in the price of wheat.

Usually precipitation may favorably affect the crop, which reduces quotes, but this season, the long rains have delayed sowing of spring wheat and maize in the United States, therefore, cropping patterns may change. In addition, sowing after the optimum time will reduce the yield, therefore, predictions of production of these crops may be adversely affected.

the market for pressure reduction in U.S. exports of old crop wheat for a week by 71% to 122 thousand tonnes against the background of sales of grain within the limits of 300 thousand tons. According to the results of a crop tour through the fields of the U.S. winter wheat yield is projected at 46,9-47.66 bushel/acre or 3.2 t/ha, that exceeds the average 5-year level and last year's figure of 2.37 t/ha.

the July wheat futures in Chicago rose 2% to 163,2 $/t

In the black sea region after the long weekend continued to fall of demand prices for wheat.

According Agrisensus, grain prices of the old crop decreased by 5 $/MT FOB to 194-195 $/t for forage and 202-209 $/t for milling wheat for delivery in may. Milling wheat with delivery in August to September fell to 183-187 $/t FOB.

South Korea bought 50 TMT of wheat from Cargill at a price of 209 $/t CIF and 25 thousand MT of wheat CHS for the price of 215 $/ton with delivery in August-September.