Algerian tender led to a speculative increase in the price of wheat

the Algerian grain Agency OAIC has purchased the tender 180 thousand tons of milling wheat optional origin for may 16-31 shipping price 235-236,5 $/t C&F, which by 3 $/t higher than at the previous auction on March 13, where it was purchased 450 thousand tons of milling wheat.

the results of the tender have supported wheat prices in Paris, as part of the purchased wheat is of French origin. Additional factors support the lack of proposals from manufacturers and logistic problems in the main grain port of Rouen, determined by a complex schedule of deliveries.

• May milling wheat futures on Euronext rose 1.25 €/t to a weekly maximum of 188,5 €/m or 211,94 $/t

thus the September quotes fall on news of rains all over the territory of the EU, which will improve the condition of crops after the drought.

In Chicago, the may wheat futures rise in price the second day due to the closure of short positions by investors that expect the data according to the conditions of the trade agreement between the US and China.

Support the market winter wheat, the hopes of traders at enhancing exports. According to experts, the weekly export sales should increase to 300-600 thousand tons.

the price of hard spring wheat in Minneapolis fall 5th day in a row as summing up the consequences of the floods in the Midwest. May futures fell to the lowest since July 2018 level.

the May futures for winter wheat increased:

at 1.28 $/t to 160,48 $/t for solid winter HRW wheat in Kansas city.

• by 2.57 $/ton to 173,06 $/t for SRW soft winter-wheat in Chicago

Fell by 2.57 $/ton to 196,48 $/t hard spring HRS wheat in Minneapolis.