The increase in forecast production in Russia is putting pressure on wheat prices
the higher forecast wheat production in Russia continues to lower stock prices.
According to experts Agritel, Russia this year will collect $ 77.5 m tonnes of wheat, up 4% over last year and will be the second all time record.
the Russian news Agency IKAR has increased the previous forecast of harvest from about 78.5 to 79.5 million tons, which greatly exceeds the rating of MSG.
Dry weather, which prevailed in France, allowed to begin the harvest in the South of the country.
wheat Exports from the EU and the UK for the week fell to 37.76 million tonnes, and in total, the season was 33.2 million tons, which is 64% higher than the corresponding figure last year.
quotes On crushes the strengthening of the Euro against the dollar.
the
- September futures for milling wheat on MATIF fell by 2 €/t to 3-month low 178,5 €/t or 201,05 $/t
Wheat exchange in Chicago after 4-day drop to a minimum of 9.5 months yesterday turned up by speculators, who were massively covered short positions.
Prices supported an increase in the weekly wheat exports from the U.S. by 9% to 613 thousand tons, which exceeded expert expectations.
the July wheat futures in the U.S.:
the
at 1.10 $/t to 158,45 $/t for solid winter HRW wheat in Kansas city.
- 1.38 $/t to 178,20 $/t for SRW soft winter-wheat in Chicago
Fell 2.02 $/t to 190,60 $/t hard spring HRS wheat in Minneapolis.
Export prices for Russian wheat last week went down amid the approaching harvest and under pressure of falling world prices. Independent agencies and MSG countries raised its forecast of the wheat harvest.
According to SovEcon, Russian prices for wheat with protein of 12.5% on the basis FOB - black sea ports dropped for the week for 3 $/t and 202 $/t Agency ICAR reports that prices for August shipments of Russian wheat protein 12,5% on FOB - black sea ports for the week decreased in the $7/ton to 199 $/t
