European wheat could not stand the pressure of the American market
on Thursday the development of the European wheat market occurred in spite of the fundamental factors.
the Increased export demand for grain and forecasts of experts concerning a possible decline in wheat harvest would have to increase prices.
Eurocosmetic for grain week issued licenses for exports to third countries 928 thousand tons of wheat m alternato. This volume became the 7th in importance in the current season, moreover, realized at the end of the season, which is quite unusual.
on the eve of the Agency Strategie Grains has revised downwards the forecasts for ending stocks of wheat for the current and next seasons.
nevertheless, the influence of the Chicago stock exchange was so strong that, under the pressure of quotations of the European wheat went down.
September quotes milling wheat on the Paris MATIF fell by € 2.50/tonne to € 161,50/tone or 180,95 $/ton.
U.S. wheat stocks on Thursday accelerated the fall. The main driver for this was the gradual strengthening of the dollar in anticipation of higher fed interest rates.
July quotes of American wheat fell:
- in Chicago by 4.13 $/tonne to 172,23 $/tones of soft wheat SRW,
- in Kansas city 3.22 $/tonne to 164,61 $/tone for hard wheat HRW,
- in Minneapolis at 3.03 $/tonne to 194,19 $/tones hard wheat HRS.