The increase in the pace of the wheat harvest pressure on prices
After Friday growth markets for us wheat in Monday rapidly collapsed. The highest daily fall for the year showed a September futures on soft wheat in Chicago fell by 4.2%.
the market for pressure increase in the acreage under wheat, the good condition of the crops, of which 76% are in good or excellent condition, and the active pace of harvesting, threshed as already 56% of the area. Additional pressure has a reduction of weekly exports to 324 thousand tons.
Even the reduced estimate of global wheat production from IGS 5.5 million tonnes to 736,8 million tons were unable to support the price of wheat.
the September wheat futures in the U.S. fell:
by 6.52 $/t to 172,97 $/t for solid winter HRW wheat in Kansas city
by 3.58 $/t to 193,64 $/t on a firm spring HRS wheat in Minneapolis.
- by 7.72 $/t to 176,46 $/t for SRW soft winter-wheat in Chicago
Dry and warm weather in Russia has accelerated the harvesting of winter wheat. As of July 2, with an area of 1.6 million hectares harvested 6.8 million tons of wheat with a yield of 4.12 t/ha, whereas on the same date in 2017 from 24.3 thousand ha were collected 89,4 thousand MT of wheat with a yield of 3.68 t/ha.
IGS reduced the forecast of wheat harvest in Russia from 74.5 to 70.9 million tons.
- September futures milling wheat on MATIF fell by 0.5 €/t to 180,25 €/t
In Ukraine, the harvesting campaign has slowed powerful showers. On 2 July 576,4 thousand hectares, yielding 1.7 million tonnes of winter wheat with a yield of 2.97 t/ha.