Rains in Europe and the heat in the US raise the price of wheat
After a two-day fall in U.S. wheat market resumed its growth.
a New report by the USDA recorded a further deterioration of the spring wheat crops. Status 35% of crops can be assessed as "good/excellent", which is 2% less than it was the previous week. At the heading stage are 79% of the crop, compared to 89% last year. Forecasters predict the heat gain in the North American Plains.
Experts believe that in the July USDA report, which will be released on Wednesday, the wheat production in the U.S. will be reduced by at least 2.5%.
the September wheat futures in the U.S.
- by 5.51 $/t to 202,09 $/t for SRW soft winter-wheat in Chicago
- by 5.24 $/t to 204,75 $/t for solid winter HRW wheat in Kansas city
- for 11,30 $/t to 293,03 $/t on a firm spring HRS wheat in Minneapolis.
French wheat rose in price even without the support of Chicago. However, after the turn in American exchanges the growth of quotations in Europe has doubled.
If the spring wheat crops in the United States suffer from the heat, French wheat is threatening showers. At the weekend swept the country record precipitation shaft that will not only slow the harvest, but also can degrade the quality of the grain in regions where not yet started harvesting. Excessive precipitation in the vegetation period can reduce Naturno the weight of the grain and falling number, and lead to germination of wheat. Traders fear a repeat of last year's situation when most of the wheat had low protein.
- September quotes French milling wheat on MATIF rose by 2.25 Euro/ton to 181,25 € /t or 206,58 $/t