The fall in stock prices on the wheat stopped
Win black sea wheat in the Egyptian tender showed the willingness of buyers to buy wheat at high prices and kept the stock price from further decline.
- Thanks to the strengthening of the Euro, the December wheat futures in Paris fell to 0,75 €/t to 198,25 €/t or 231,67 $/t
Traders do not pay attention to data on the reduction in harvest in the EU, although monitoring MARS has shown that the average European yield of wheat is 4.2% below the annual average of 5.49 t/ha, in particular in Germany and Poland – 13%, France – by 2.7%, the UK by 2%. In Poland and Germany, the drought continues with temperatures 2-4 degrees above average and rainfall nearly twice below the norm. The water level in the rivers is now the lowest since 1975, which leads to drying of crops, reducing feed and increasing demands for fodder.
As of August 26 spring wheat in the U.S. collected 77% of squares, compared with 61% on average for 5 years, which increases the number of proposals. Experts Farm Futures has lowered the forecast of sowing areas under winter and spring wheat in the United States for the harvest of 2019.
After 6-day fall on Tuesday quotes of soft wheat in Chicago rose slightly due to speculators covered short positions.
the Market reacted to the decline in Agency IKAR forecast of wheat production in Russia from 70,8 to 69.6 million tonnes, while the estimate of exports remained unchanged at 32.5 million tons.
the December futures for U.S. wheat had such a dynamic:
0.83 $/t to 193,91 $/t fell hard winter HRW wheat in Kansas city
0,64 $/t to 212,01 $/t fell hard spring HRS wheat in Minneapolis.
- 0.28 $/t to 192,26 $/ton rose soft winter SRW wheat in Chicago