Quotes of European and Black Sea wheat continue to grow

Yesterday, wheat quotes on world stock exchanges rose slightly again, and European and Black Sea wheat rose more actively against the background of new tenders.

The Pakistani TSR agency is holding a tender for the purchase of 640 thousand tons of food wheat with a protein of at least 10%, for which 12 proposals were submitted at a price in the range of 3 377-410/ton CFR. The most favorable offer is Russian wheat at a price of 3 377/t CFR, which is Cheaper Than at the tender on September 20, when TSR purchased 575 thousand tons of wheat for delivery in November at a price of K 383.5/t CFR Karachi.

The results of the Pakistani tender supported prices for Black Sea wheat, whose December futures rose by вчора 1/ton to.317/ton yesterday at the Chicago SWOT, which was also supported by active wheat exports from Ukraine and Russia in August and September.

Algeria's purchase of 500-550 thousand tons of food wheat at the tender for delivery in October – November at a price of C 346/ton C&F supported the prices of European wheat. Their growth is also supported by the strengthening of the dollar against the euro to the level of 1 1.16/€.

• December wheat futures on Paris ' Euronext rose 2 €/T yesterday to 256 €/t or 2 297/t.

In the current season, the EU exported 6.95 million tons of wheat, which is 37% higher than last year's pace. And this is not taking into account data on wheat exports from France, which have not been provided for two weeks.

US stock exchanges are waiting for today's inventory report, which may lower inventory estimates due to lower forecasts for us wheat production.

December US futures rose yesterday:

• by 1 1.38 / ton to Чикаго 260.9/ton for soft winter SRW wheat in Chicago,
• by 2 2.48/ton to.261.5 / ton for hard winter HRW wheat in Kansas City.

Hard spring HRS wheat fell by 1 1.38/ton to.332/ton in Minneapolis.

October winter wheat futures first rose 5-9 cents yesterday, and then fell again. As a result,SRW wheat in Chicago closed 3-5.5 cents higher, and HRW wheat in Kansas City 5-6. 75 cents lower than the day before.

The weather in Australia and Argentina contributes to the development of wheat crops, which in the future will increase pressure on prices, especially against the background of an increase in the supply of new corn and a decrease in demand for feed wheat from Asia.