After a brief correction, wheat prices continued to fall
After some minor adjustments, the market European wheat continued to decline and renewed a 2-week low. Pressure on prices resume drop in prices of soft wheat in Chicago.
Traders upset victory in the Egyptian tender of Russian wheat, while the offer of French wheat was on 21,69 $/t more expensive than the best price a Russian competitor.
- September futures on milling wheat in Paris fell by 0.75 €/t to 204,75 €/t or 232,89 $/t
the Market for U.S. wheat on Wednesday resumed its decline, which lasted for two weeks. Prices under pressure of strengthening dollar up to a maximum of 13 months and precipitation in regions of winter wheat production in the United States that will facilitate sowing.
September futures for wheat in the U.S. declined:
3.86 $/t to 196,67 $/t for solid winter HRW wheat in Kansas city
4.69 $/t to 214,40 $/t on a firm spring HRS wheat in Minneapolis.
- 3.49 $/t to 195,56 $/t for SRW soft winter-wheat in Chicago
at the end of the electronic trading session quotes U.S. wheat rose sharply, so traders expect today's reaction of the stock exchange in Paris. The Euro strengthened yesterday with 1,1303 1,139 to$/€, and soon may rise to the level of 1.14-1,145 that will worsen the competitiveness of European grain.
On the physical market, the prices of Ukrainian and Russian wheat protein 12,5% remain at the level 220-228 $/t FOB, but buyers have reduced prices the demand for 210-220 $/t FOB.
Yesterday, the Jordanian government JSSGC purchased on the tender of 60 thousand tons of wheat for October delivery at a price 262 $/t CFR Aqaba, which is 7 $/t cheaper than at the previous auction.