Experts, the USDA lowered the forecast of wheat exports from the EU and the United States, but raised for Russia

2018-12-12 14:15:39
Machine translation
Experts, the USDA lowered the forecast of wheat exports from the EU and the United States, but raised for Russia

the December USDA report on wheat as a whole was virtually neutral, since the production forecast remained at the same level, but only slightly increased the initial and final stocks of wheat, 0.9 million tonnes and 1.4 million tonnes respectively.

 

But for the market this report was "bearish" because of the reduction of the forecast of wheat exports from the U.S. to 0.7 million tonnes and the EU by 1 million tons while for Russia the forecast of wheat exports were increased 1.5 million tons.

 

the Increase in wheat exports from Russia will be through the revision in the direction of increasing initial reserves of 1 million tons and a reduction of ending stocks 0.5 million tons.

 

 

the Main attention of traders was focused on the indicators of balance sheets for Argentina and Australia, where there have been adverse conditions for wheat production this season.

 

the Experts, the USDA lowered the forecast of wheat production in Australia by 0.5 million tons to 17 million tons, and the export forecast by 1 million tons to 10.5 million tons, which corresponds to forecasts from the agriculture Ministry of Australia.

For Argentina forecast production and exports remained at the level of the previous one despite the fact that local agencies continue to reduce their forecasts of wheat production

 

the Forecast of wheat imports of key importers remained at the level of the November – 91,41 million tons. For countries in the Middle East will have 17.8 million tons, North Africa - 25.7 million tons, countries in South-East Asia – 25 million tons.

 

Under the influence of the updated report and further strengthening of competition with the Russian wheat U.S. markets reacted small decrease in quotations:

the

  • soft wheat SRW in Chicago by $1.56 to 191,43 $/ton
  • the
  • hard wheat HRW in Kansas city for $2,02 to 185,46 $/ton
  • the
  • Hard wheat HRS in Minneapolis remained at the level of 211,36 $/ton

 

 

Prices for black sea wheat continues to increase due to the reduction of offers and prices on FOB basis with delivery in January reached:

the

  • wheat protein 12,5% 231$/t
  • the
  • wheat protein 11.5% of 222$/t

feed wheat 216$/t

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