Egypt has announced a tender due to the fall in wheat prices
Speculators continue to rock the wheat area in Chicago. Monday quotes lost more than received on the technical sales on Friday, so the General trend of the December futures since the end of September can be considered a downside. In General, from September 27 to December wheat futures in Chicago lost 9,37 $.
the Market still has no factors of price support. The publication of the report on inspection of wheat for export shipments and weekly monitoring of the harvest was postponed to Tuesday for the holiday Monday in the United States.
Precipitation in the South American Plains and Midwest replenish soil moisture reserves.
Experts expect that in the October balance USDA increase the estimate for ending stocks of wheat in the United States in the 2017/18 season.
December quotations of wheat in the U.S. declined:
- soft wheat SRW in Chicago by 2.76 $/t to 160,20 $/t,
- for hard wheat HRW in Kansas city by 2.21 $/ton to 158,27 $/t,
- hard spring wheat HRS in Minneapolis by 0.18 $/t to 229.00 $/t
the French wheat Market on Monday continued its Friday decline. Under pressure Chicago December contracts depreciated to a minimum of 2 weeks. The immediate prospects for European exports remain vague due to the strengthening of the Euro.
- December futures milling wheat on MATIF fell by 1.25 €/t 164 €/t (192,65 $/t).
the Fall of the exchange prices for wheat prompted Egypt to hold the next procurement tender. The Agency GASC plans today to purchase a minimum of 55-60 thousand tons of soft milling wheat supply 20-30 Nov 2017
GASC expects wheat supply from USA, Australia, Canada, EU and South America and black sea States. Separately, traders must provide estimates of the cost of sea freight.