Ending world wheat stocks will grow by 2.3 million t
In an April report, the USDA forecast global wheat production increased 1 million tons to a record 1,014 billion tons, and the evaluation of the initial stocks increased by 2 million tonnes.
remained Unchanged the forecast of world wheat trade, although the EU estimate of exports was reduced by 1 million tons, and Russia's has increased by 1 million tons.
the Forecast of world ending stocks increased by 2.33 million tonnes to 271,22 million tons.
Despite bearish USDA report, prices for wheat of the new harvest has not dropped as traders worried about the deteriorating condition of the winter wheat crops.
the May futures for U.S. wheat had the following dynamics:
0.37 $/t to 191,71 $/t cheaper solid winter HRW wheat in Kansas city
level 230,20 $/t remained firm spring HRS wheat in Minneapolis.
- 0.46 $/t to 180,78 $/t increased winter SRW soft wheat in Chicago
In Ukraine the price of wheat on the basis of CPT-port remain at 185-190 $/tonne for April deliveries, but the price of wheat of the new harvest is gradually increasing. Yet forward rates current yield, and deliveries to the port in July-August, traders offer:
protein 12,5% 178-180 $/t,
forage 170 $/t
- protein 11,5% 175-178 $/t,
Manufacturers are in no hurry to contract wheat new crop hoping for higher prices to the current level because the forward price feed barley in the port is 188-190 $/t