Wheat prices remain under pressure from low demand

the fall of the markets of soybeans and corn as a result of the devaluation of the Argentine and Brazilian currencies have not influenced the price of wheat.

Traders are closely monitoring the balance sheets under the new wheat crop, because its price exceeds the price of wheat old crop.

According to estimates by the Wall Street Journal, the remnants of wheat in the United States on March 1 made of 41.99 million tonnes, which almost corresponds to the period of 40.69 million MT, while the total acreage under wheat will be reduced from 47.8 to of 46.92 million acres.

Due to the cold spring and excessive moisture of the soil, farmers may not have time to sow spring wheat planned area, resulting in increase of area under soybean.

the May wheat futures in the U.S.:

0.46 $/t to 163,32 $/t for solid winter HRW wheat in Kansas city

of $0.18/t to 208,61 $/t on a firm spring HRS wheat in Minneapolis.

• 0.09 $/t to 172,51 $/t for SRW soft winter-wheat in Chicago

Lack of demand and the loss of French wheat at tender Egypt has added pessimism to European traders.

• the May futures for milling wheat on MATIF fell by 1.5 €/t to two-week low 186,50 €/t or 209,80 $/t

the depreciation of the peso enhances the competitiveness of Argentine wheat, although prices remain at 212-215 USD/t FOB. In the current season the country exported of 5.79 million tons of wheat, and in March sells an additional 1.3-1.5 million tons.

Ukraine last week exported 283 thousand MT of wheat. Traders are trying to buy the necessary for batch export of wheat, therefore slightly raised the price on it. But manufacturers have not stepped up sales. Rising prices due to the devaluation of the hryvnia against the background of the first round of the presidential elections which will be held on Sunday.