The glut collapsed the price of wheat
week of Trading on the wheat exchange in Paris ended with falling of quotations and the fixing of profit, because traders don't see prospects for further growth in prices due to oversaturation of the market with cheap offers. Even the news about the deterioration of winter wheat in France was not supported prices.
According to FranceAgriMer, in good or excellent condition are 83% of the sowings of soft wheat (versus 85% a week ago) and 77% of crops durum wheat (vs. 79% a week ago).
Tunisia gained 67 thousand MT of wheat with protein 11.5% price 225,68-228,55 $/t CFR (delivery in port of destination). And it confirms that the price level 200-210 $/t loading on the ship is optimal for buyers.
- March delivery milling wheat on MATIF fell by 3.75 €/t to 163,5 €/t (201,22 $/t).
After four days of growth and a sharp jump in prices on Thursday, wheat futures in Chicago fell by 3.4% Kansas 2.9%.
Investors decided to take profit after prices reaching new multi-month highs. In addition, the slowdown in exports was a warning from the future heating market.
Day falling of quotations of the March wheat in Chicago was the largest since August 10, 2017.
March U.S. wheat futures fell:
3.31 $/t to 191,80 $/t for solid winter HRW wheat in Kansas city
4.96 $/t to 222,85 $/t on a firm spring HRS wheat in Minneapolis.
- 4.96 $/t to 180,78 $/t for SRW soft winter-wheat in Chicago
the Physical wheat market continues to rise following a jump in stock futures. Russian wheat with protein of 12.5% on FOB Novorossiysk offer 206-210 $/t Australian has risen to 242,75 $/t FOB.
In Ukrainian ports for wheat offer:
protein 11,5% 184-187 $/t or 5750-5850 UAH/t,
feed 177 to 178 $/t or 5550-5750 UAH/t
- protein 12,5% 185-188 $/t or 5850-5950 UAH/t,