The new forecast IGC lowered stock prices for wheat

2019-09-02 12:35:36
Machine translation
The new forecast IGC lowered stock prices for wheat

In the August report experts CIG increased the forecast of world wheat production in 2019/20 MG to 764 million tons, compared with 733 million tonnes in 2018/19 MG, whereas in the latest report USDA world production was estimated at 768 million tons, but global consumption – 758 mln t. the Forecast of the world supply compared to the July report increased by 3.7 million tons to a record 1,029 billion tonnes, 25.7 million tonnes will exceed the level of last season. The estimate for ending stocks increased 1 million tons to a record high of 271 million, which exceeds the previous record 2017/18 MG - 270 million tons, while the experts USDA evaluate their 285.4 million tons.

 

production Forecasts lowered for Russia by 2 million tonnes to 73.7 million tons, Kazakhstan – by 1 million tons, but increased for Argentina 0.7 million tons, Canada – to 0.8 million tonnes, Ukraine is 1 million tons, EU – by 1.5 million tons and the USA – 1.6 million tonnes.

 

Data a new report has affected the stock prices of wheat on both sides of the Atlantic, when in fact they were lower than forecasts USDA.

 

the September wheat futures in Chicago fell to the lowest level since may. Before the long weekend in the US traders took profits in anticipation of data on the export and harvesting of spring wheat.

 

the September wheat futures in the U.S. fell:

the

3.31 $/t to 138,98 $/t for solid winter HRW-wheat in Kansas city

at 1.10 $/t to 175,08 $/t on a firm spring HRS wheat in Minneapolis.

  • on of 6.80 $/t to 165,80 $/t for SRW soft winter-wheat in Chicago

 

European quotes are unable to support even the fall of the Euro against the dollar to the lowest since may of 2017 level – 1,099 $/€.

 

the

  • f't usersi on European wheat in Paris fell by another 0.6% to 168 €/t or 180,53 $/t