Wheat futures continued to fall following the stock markets

2020-03-17 12:32:32
Machine translation
Wheat futures continued to fall following the stock markets

Monday, wheat prices continued to fall after a new collapse of the stock and commodity markets.

 

New coronavirus is now actively spreading in Europe because their economy is more affected by the pandemic. To increase the probability of a global recession, financial markets reacted another collapse.

 

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  • the May futures for milling wheat on MATIF fell by 2.25 €/t up to 6-month low 175,25 €/t or 195,76 $/t

 

Prices would drop even more if they did not support good performance of exports from the EU and North African countries announced procurement tenders.

 

Grain Agency of Tunisia (ODC) March 17, will hold a tender for the purchase of 25 thousand tons of soft and 67 thousand MT of hard milling wheat of arbitrary origin.

 

the Algerian OAIC has announced a tender for delivery in April, 50 thousand MT of hard wheat.

 

As of March 15 EU countries in 2019/20 MG exported 34,227 million tonnes of grain, which is 64% higher than the corresponding figure 2018/19 Mr. The exports of wheat amounted to 22.2 million tonnes, which is 72% ahead of the last year (last week the figure was 70%). Last week, the EU exported 425 thousand tons of wheat. Import soft wheat amounted to 1,589 million tonnes, which is 54% less than the corresponding indicator 2018/19 Mr.

 

Experts Coceral lowered the forecast of wheat production in EU 2020/21 MG 137,9 to 136.5 million tonnes, compared to 145.7 million tonnes last year. For France, the forecast of production increased by 3.8 million tonnes to 39.5 million tonnes, while the UK has reduced by 1.4 million tonnes to 10.9 million tonnes.

 

May futures on soft wheat in Chicago fell 1.6% to 5-month low after the collapse of the global markets.

 

the May wheat futures in the U.S. fell:

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2.85 $/t 155,70 up to $/t for solid winter HRW wheat in Kansas city.

  • by 2.94 $/t to 182,98 $/t for SRW soft winter-wheat in Chicago

Rose by 0.64 $/t to 187,30 $/t hard spring HRS wheat in Minneapolis.