European wheat price rises on news of a poor crop
After another of forecasts regarding the reduction of wheat production by EU countries, stock prices rose again. The Agency Strategie Grains 7.7 million reduced the forecast of the harvest of soft wheat in the EU to 137,9 million. The forecast for soft wheat exports from the EU on the July balance reduced by 4.3 million tons to 24.7 million tons. At th same time, Russia plans to sell in foreign markets almost 30 million tons of wheat.
Experts do not exclude that as a result of adverse weather conditions in some EU countries it is possible to further decrease in grain yield.
Consulting CRM AgriCommodities agency downgraded the forecast harvest of soft wheat in the EU in general to 128.9 million tons .
September quotes milling wheat on the Paris MATIF rose by EUR 1.00/tonne to € 167,75/tone or 187,31 $/ton.
On the American stock exchange trades on Thursday ended with a diversified.
Before the release on Friday of the August USDA report, under pressure from speculative factors quotes soft wheat in Chicago have slipped a bit. Not helped to keep the price even good results in export sales, which amounted to 607,567 thousand tons, and forecasts of independent experts on reducing world ending stocks of wheat relative to the July report of 2.5 million.
As of August 11, the price of U.S. wheat was of such dynamics:
- down 2.01 $/tonne to 152,94 $/ton soft wheat SRW in Chicago
- increased $0.20/tonne to 151,47 $/tonne hard wheat HRW in Kansas city
- rose 0.84 $/ton to 185.00 $/t hard spring wheat HRS in Minneapolis.