The increase in the crop forecast in Australia and good condition of crops in the United States and Russia collapses the price of wheat

Yesterday the price of wheat on world markets have fallen on news about increase in the wheat crop forecast in Australia and the intentions of the Ministry of agriculture to increase the quotas on grain exports.

the Experts at the Australian Bureau of economy and science of agriculture and natural resources, ABARES raised its forecast of wheat production in 2020/21 MG compared to September estimates by 7.8% to 31,17 million tons, slightly inferior record 35 million tonnes of the 2016/17 season.

the agriculture Ministry announced intentions to increase export quotas on grain exports in the 2nd half of the season from 15 to 17.5 million tonnes, although market participants have turned to the authorities with a request not to impose quotas.

In the news wheat exchange, the U.S. reported a dramatic fall, which increased the data report condition of crops.

the Amount of wheat in good or excellent condition for the week grew by 3% to 46%, while a year ago the figure was 52%.

wheat Exports from the U.S. last week rose by 38% to 502,8 thousand tons, and just season reached 12.9 million tons (projected 26.5 million t), which is 2% higher than the corresponding figure last year.

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

the

6.71 $/ton to 200,98 $/t for solid winter HRW wheat in Kansas city

by 6.25 $/t to 203,19 $/t on a firm spring HRS wheat in Minneapolis.

• by 7.72 $/t to 214,95 $/t for SRW soft winter-wheat in Chicago

the Paris wheat exchange, and Chicago, were shocked by the intentions of the Ministry of agriculture of the Russian Federation to increase the export quota, therefore, also turned sharply down.

the

• the March futures for milling wheat on MATIF fell by 3 €/t to 3-week low of 207 €/t or 247,35 $/t

Prices for black sea wheat this week will be under the pressure of falling stock prices, however, announced by Egypt and Turkey tenders for the purchase of wheat to support prices, while purchase prices for them will probably decrease.