The increase in production forecast in Russia lowers prices for wheat

Experts IKAR has increased the forecast of wheat harvest in Russia by 1.5 million tons to 78 million tons due to record yields in the Central and Volga regions separate and favourable precipitation in the East where spring wheat was suffering from drought.

the European monitoring Agency MARS has reduced the forecast yield of soft wheat in the EU from 5.6 to 5.54 t/ha compared to 6 MT/ha in 2019, primarily in Romania, Bulgaria and Parisini, however, increased evaluations for most spring crops thanks to favorable weather conditions.

the

• September futures milling wheat on MATIF fell by 3 €/t to 182,75 €/t or 214,87 $/t due to a sharp strengthening of Euro 1,173 to $/€, slow exports and increase crop forecast in Russia.

the decline of the prices of the Egyptian GASC today will hold the fourth in July, the tender for purchase of wheat with delivery September 1-10, which will become an indicator price for black sea wheat, September futures for which yesterday in Chicago decreased 1.2% to 212,5 $/ton, and December – by 0.9% to 217,5 $/t

the Russian wheat protein 12.5%, and delivery in August-September offer at 210-215 $/t FOB, while the bid prices are 205-207 $/t FOB.

Prices on US exchanges declined massively as investors took profits and held speculative sales amid increasing prospects of the wheat crop in Russia.

For the week, wheat exports from the USA increased by 6% to 544 thousand tonnes, and since the beginning of the season amounted to 4.1 million tons, which is 8% higher than the corresponding figure last year.

the September wheat futures in the U.S. fell:

the

3.68 $/t to 161,49 $/t for solid winter HRW wheat in Kansas city

by 2.66 $/t to 186,65 $/t on a firm spring HRS wheat in Minneapolis.

• 4.32 $/t to 193,91 $/t for SRW soft winter-wheat in Chicago