The stock price of wheat grow on weather news
Forecasts dry weather with temperatures of 32-34 oin the South of the USA and Russia led to a rise in stock prices of wheat.
the Uncertainty of the new crop of wheat in the EU, Ukraine and Russia, forcing manufacturers to curb sales amid active buying by traders futures led to a sharp jump of quotations.
the Growth in wheat prices on the U.S. stock exchanges continues for the third consecutive session, and the July wheat futures in Chicago rose to a month high. They are supported by the depreciation of the dollar to 2-week low, concern about the fate of crops in Kansas, 27% of whose territory is covered in that moderate drought, and rising prices on the physical markets in the countries of the black sea.
Export sales of old crop wheat for the week was only of 179.5 thousand tons, while the new crop increased to 437 thousand tons of wheat Exports for the week rose to 752,8 thousand tons and since the beginning of the season reached 24.4 million tonnes, 1% more than last year.
the July wheat futures in the U.S.:
by 5.33 $/t to 173,52 $/t for solid winter HRW wheat in Kansas city
to 2.20 $/t to 193,36 $/t on a firm spring HRS wheat in Minneapolis.
- 4.32 $/t to 192,44 $/t for SRW soft winter-wheat in Chicago
In Paris, the wheat quotations also rose, despite a sharp strengthening of the Euro. They were supported by price rally in Chicago, the difficult situation in the South of Russia and increase of the export prices for Russian wheat.
the European experts consider that the rains came in Western Europe too late to significantly reduce the effects of drought in March-April.
- September futures for milling wheat on MATIF rose by 2.75 €/t up to 187,5 €/t or 212,39 $/t
Futures for black sea wheat in Chicago has also increased:
August – 1.7% to 209 $/t,
September by 1.2% to 210 $/t,
December's 1.6% to 219 $/t,
March 2020 by 1.4% to 224 $/t
- July by 1.8% to 208 $/t,