The price of wheat stood waiting for the correction
the Reluctance of sellers to lower prices of wheat for increased sales led to a decrease in demand from major importers. However, the lull will not last long, because the new forecasts promise an abundant harvest in most producing countries.
Thanks to favorable weather conditions in the winter and spring crops of winter crops are in good condition, so experts MARS in the March report, increased its estimate of winter wheat yield in the EU to 5.81 t/ha, which is 7.1% higher than last year's figure of 5.42 t/ha, and 1.8% the average 5-year rate is 5.7 t/ha.
the
- Active sales of French wheat led to a rise in the may futures for milling wheat on MATIF 0.5 €/t to 189,25 €/t or 214,79 $/t
However, the new forecasts of yield and production of wheat in the EU on the background of the strengthening Euro to two-week highs of 1.1347 $/€ today cool the market. The growth rate of the Euro in the near future will reduce the volume of export sales.
the Market for winter wheat in the United States on Tuesday slowed the fall. Investors are speculative sales amid forecasts of further exports. Adverse weather conditions in growing regions of hard spring wheat was supported by quotes in Minneapolis.
May futures in the U.S. fell:
the
0.27 $/t to 160,11 $/t for solid winter HRW wheat in Kansas city.
- 0.09 $/t to 167,73 $/t for SRW soft winter-wheat in Chicago
Rose by 1.65 $/MT to 207,69 $/t hard spring HRS wheat in Minneapolis.
the Growth rate of the ruble against the dollar to a 7-month high of 64.8 rubles/$ reduces the competitiveness of Russian wheat, which is now the most expensive on the market, and puts pressure on prices, which slowed down the fall. Last week, the quotes dropped to the $2.5/MT to 223 $/t FOB deep-sea ports, whereas the previous week they fell by $10/t
In Ukraine the strengthening of the dollar increased over the week the purchase prices by 100-150 UAH/t and contributed to increased sales by the manufacturers.
