New balance USDA supported the price of wheat
Figures of the forecast balance of the USDA in November almost indistinguishable from the estimates of October.
Despite traders ' expectations for a decrease in the production and export of wheat from Australia, the USDA left crop estimate unchanged, and reduced the forecast of exports by 500 thousand tons.
Russia's production estimate increased by 1 million tons and the export forecast by 0.5 million tons to 33 million tons.
Optimism traders added an increase in the forecast of wheat exports from the U.S. at 680 THD. MT to 27,22 million tons.
Further supported the price record of weekly exports of wheat from the United States, which amounted to 781,7 thousand tonnes and 224% higher than the sales level of the previous week.
the December futures for U.S. wheat has increased:
0.55 $/t to 157,63 $/t for hard wheat HRW in Kansas city,
1.65 $/MT to 238,09 $/t for hard spring wheat HRS in Minneapolis.
- 0.83 $/t to 157,63 $/ton, soft wheat SRW in Chicago