Rumors from Russia did not support the price of wheat
Yesterday's rumors about Russia imposed unwritten quotas, and restricting exports of wheat supported the prices of European wheat. Speculators, who since the beginning of the week actively sold the wheat, again resumed buying.
- Wheat futures in Paris rose to 1.75 €/ton to 190 €/t or 216,21 $/t
However, the Ministry of agriculture has officially stated that such rumors are not true, the prerequisites for restricting exports is not, therefore, the imposition of restrictive measures is not discussed.
In Chicago may futures wheat on Wednesday renewed its historical minimum. On the stock exchange presses stiff competition in the global market.
May futures in the U.S. dropped:
0.37 $/t to 203,56 $/t on a firm spring HRS wheat in Minneapolis.
- 0.55 $/t to 171,50 $/t for SRW soft winter-wheat in Chicago
Rose 0.46 $/t to 163,69 $/MT of hard winter HRW wheat in Kansas city.
On the physical market continues to become cheaper black sea wheat, but it is still more expensive than the French and the Baltic. Amid increasing competition, the sellers are willing to reduce the price of old crop grain, especially given the low price of wheat of the new harvest.
Thailand purchased 110 thousand tons of feed wheat new crop black sea origin presumably with September delivery at a price 212,75 $/t C&F.
Ukraine per week exported 225 thousand MT of wheat, and from the beginning of the season of 12.52 million tons, which is 5% inferior to the corresponding period last year. The pace of exports continue to decline, because the sellers hadn't caught up with the sharp drop in prices.
Domestic wheat price continues to fall, and now the port offers:
protein 11.5% in 170-172 $/t,
forage - 163-165 $/t
- protein 12,5% - 173-175 $/t,