Wheat prices are rising on the results of the last tenders
Yesterday, the world price of wheat is actively growing, although traders did not expect the changes to the publication of a new report USDA. However, the increase in the purchase price of tenders in Egypt and Jordan against a rise in price of corn in the US led to the speculative rise of wheat prices.
Egyptian GASC bought 295 thousand tons of Ukrainian and Russian wheat at a price of $8/ton higher than the price purchased two weeks ago a large consignment of black sea grain.
Jordan purchased 60 thousand tons of wheat for delivery in late January at a price of 229.8 to $/t CFR Aqaba, which is 8.8 $/t higher than the price of the previous trading session.
the corn Futures in Chicago yesterday rose 3 percent amid predictions of reducing harvest and increasing the rate of corn in the United States. Wheat prices also supported the snowfall in the States of Montana and North Dakota.
Speculators yesterday dispersed the prices of December futures for soft wheat in Chicago to 2-month high. Investors closed short positions ahead of the publication of the report USDA, which can be reduced forecasts of world production of corn, soybeans and wheat.
the December wheat futures in the U.S.:
by 2.94 $/t to 150.74 $/t for solid winter HRW wheat in Kansas city
1,84 $/t to 199,70 $/t on a firm spring HRS wheat in Minneapolis.
- by 4.04 $/t to 183.81 $/t for SRW soft winter-wheat in Chicago
the Market for French wheat grew after Chicago. The trend will not break even failure to tender in Egypt, due to the expensive freight, and the increase of wheat production in the UK to a 4-year high of 16.3 million tons in France to a record 39.7 million tonnes.
- the December futures for milling wheat on MATIF rose by 1.5 €/t up to 178 €/t or 195,13 $/t
in General, experts expect that the October balance of wheat from USDA not too much will change compared to the September report, as the decline in production in Argentina and Australia will be offset by growth in Russia and the EU. At issue is the harvest of wheat in Canada, however, in its October report, significant adjustments it probably will not.