Wheat prices fell after soybean and corn prices

The fall in prices for soybeans and corn on the US stock exchanges, which began on Monday, continued yesterday, which increased pressure on wheat quotes.

The soybean and corn markets are under pressure from the updated review of corn, soybean, sorghum, sunflower and canola areas announced by NASS experts on September 10, although it is usually published in October. Analysts expect that the final areas of sowing and harvesting of soybeans and corn in the United States may be higher than expected.

September US futures fell:

• by 2 2.11 / ton to Чикаго 257.6/ton for soft winter SRW wheat in Chicago,
• by 3 3.67 / ton to H 255.4/ton for hard winter HRW wheat in Kansas City,
• by 1 1.47/ton to.330.5 / ton for hard spring HRS wheat in Minneapolis.

European wheat was supported by the results of a tender in Algeria, where the OAIS agency purchased 400 thousand tons of flour wheat from the EU for delivery in October at a price of 3 353-356.6/ton CIF. The full weight requirements were reduced to 760 G/L, which increased the chances of winning French wheat, which has a low nature this season.

• On the Paris Stock Exchange, September wheat futures rose 2 €/ton yesterday to 250.75 €/ton or 2 296.86/ton, while December futures fell 2.5 €/ton to 242.75 €/ton or.287.4/ton.

In the ports of Ukraine, purchase prices for food wheat yesterday fell to 2 278-280/ton or UAH 8450-8550/ton, but processors are increasing competition with exporters and offer high-quality food wheat up to UAH 8000-8150/ton with delivery to the mill.

Black Sea wheat futures on the Chicago Stock Exchange fell yesterday:

• September-by 0 0.5 / ton to 3 301.5 / ton,
• December-by 4 4 / ton to 3 309 / ton.

Iran's GTC agency purchased 240 thousand tons of wheat at a price of F 300-305/ton FOB, which supported prices for Russian wheat.

The increase in wheat prices in Australia to F 310-320/ton FOB also supports prices for Black Sea wheat, as the only alternative for Asian buyers remains Argentine wheat with delivery after December.