Active harvest in the US and tenders in Egypt and Tunisia lowered wheat prices

2020-06-19 12:05:58
Machine translation
Active harvest in the US and tenders in Egypt and Tunisia lowered wheat prices

Yesterday, the Egyptian Agency GASC bought on tender 240 thousand tons of soft wheat for delivery 25 July – 5 August at an average price of 218,4 $/t CFR, which was by 8.85 $4 per ton lower than at the previous auction on June 10.

 

In Tunisia, the state Agency ODC companies Glencore, Posco, Daewoo, Bunge, Casillo and Solaris acquired 159 thousand tons of milling wheat for delivery in August at an average price of 214,42 $/MT CFR Tunisia for 1.5 $/t lower than at the previous auction on June 11, when it was purchased 25 thousand tons with delivery in July.

 

Export sales of new crop wheat from the United States for the week almost doubled to 505 thousand tonnes, which significantly exceeded expert expectations. The export of wheat over the week grew by 45% to 486,6 thousand tons In the new season 2020/21, which began on 1 June, wheat exports from the U.S. totaled 658,9 million tonnes, which is 19% below the corresponding period last year.

 

However, the active exports did not keep the market American winter wheat from further decline, and the July wheat futures in Chicago updated 8-month low. On the stock exchange presses active the wheat harvest, which not only exceeds last year's pace, but also shows a higher-than-expected yields.

 

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

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1.47 $/t to 157,44 $/t for solid winter HRW wheat in Kansas city.

  • 1.93 $/t to 177,65 $/t for SRW soft winter-wheat in Chicago

Rose by 1.65 $/t to 192.81 $/t hard spring HRS wheat in Minneapolis.

 

the price of French wheat yesterday gradually increased, and even amounted to 182 €/t with the support of a weaker Euro and increased export demand from Chinese buyers. However, the trades ended in the "red zone" following the fall of prices in Chicago. Traders are disappointed as to the lack of French wheat at tender Egypt, and the price level proposals.

 

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  • September futures for milling wheat on MATIF fell by 0.25 €/t to 180 €/t or 201,7 $/t

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