Wheat prices are rising amid strong demand

2020-01-21 12:04:44
Wheat prices are rising amid strong demand

on Monday the United States was a holiday, whereas the French market has continued to grow and the March futures almost reached 1.5-year high.

 

Quotes supported announced Algeria procurement tender, in which French traders expect to win while Argentine wheat is gaining in the Asian markets.

 

Pakistan announced the search for 300 thousand MT of optional origin wheat for delivery in February-March, which should reduce domestic shortage of wheat and flour.

 

wheat Exports from the EU to 2019/20 MG as of 20 January was 15.7 million tons, which is 71% higher than last year. Share of France in exports of soft wheat in the EU was 34%. In two weeks, the EU exported 1.3 million tons of wheat, in particular France – 711,7 thousand tons, Germany – 189,2 thousand tons.

 

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  • March futures for milling wheat on MATIF rose to 1.75 €/t to 195,75 €/t or 217,18 $/t

 

black sea wheat continues to rise. Bid prices of Russian wheat protein 12,5% reached 229-232 $/MT FOB, while Romanian offer for 225 $/t FOB.

 

In Ukraine, wheat prices rise after export prices and currency appreciation. For milling wheat at the port offer 206-208 $/t or 5800-5950 UAH/t, which is a maximum of the current season.

 

Manufacturers keep selling them, because the poor condition of winter wheat on the background of the lack of precipitation and snugboro cover a concern with the fate of the new crop, prices could rise.

 

For the week, Ukraine increased exports of wheat by 10% from 233 to 255 thousand tons, whereas Russia has reduced by 40% to 172 thousand tons.

 

the Reduction of wheat exports from the US and Australia increases the export potential of European grain. Experts Strategie Grains has raised its forecast for soft wheat exports from the EU to 2019/20 Mr from 28.7 to 30.5 million tons.

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