Precipitation continues to lower the price for black sea wheat

In a new monthly report experts of the International Grains Council (IGC) confirmed the absence of fundamental factors for price increases and left the forecast of world wheat production at 763 million tonnes, because of high harvest in Russia and Australia offset the decline in production in Canada and Argentina.

For Russia, the forecast of wheat production in 2020/21 MG increased by 1.6 million tonnes to 81.5 million tons and the estimate for ending stocks – to 400 thousand tons. Although according to the Ministry of agriculture of Russia, has collected 84.6 million MT of wheat and neobalaenidae remain 6% of the area that will be marked in the October USDA report.

the Rain in Europe and the forecast for rain in Russia and Ukraine lower prices of black sea wheat, which has supported drought delayed sowing in Ukraine.

week End bid prices of black sea wheat dropped to 230-235 $/t FOB, while the bid prices continue to fall. September futures for black sea wheat on the Chicago stock exchange has decreased by 1.3% to 228 $/t in December – by 1.1% to 231,5 $/t

In Ukraine, purchasing prices for wheat dropped in the port to 215-220 $/t or 7400-7500 UAH/t, although he had reached record 7650 UAH/t on the back of speculative growth of export prices offers.

the price of French wheat falls a second day after the fall in Chicago and the decline of export prices for Russian wheat.

during the week were exported only 5 thousand tons of French wheat, but traders hope for a revitalization of shipments into China under previous contracts.

the

• December futures milling wheat on MATIF fell by 1.75 €/t 192,25 up to €/t or 224,33 $/t

the Decline of the dollar after the upgrade, before 8-week high of added optimism to investors on the stock exchange in Chicago, which massively covered short positions.

Weekly export sales of US wheat were lower than expected and amounted to only 351,2 thousand tons exports for the week decreased by 17% to 469 thousand tons, but only in the season reached 8.1 million tons, which is 3% higher than the corresponding figure last year.

December futures U.S.:

the

0.64 $/t to 196,48 $/t on a firm spring HRS wheat in Minneapolis.

• 0.28 $/t to 201,99 $/t for SRW soft winter-wheat in Chicago

Fell 0.46 $/t to 177,47 $/MT of hard winter HRW wheat in Kansas city.