After the update of the annual minimum prices for wheat began to grow

2020-08-12 12:18:07
Machine translation
After the update of the annual minimum prices for wheat began to grow

After a long speculative fall in the price of wheat, primarily American, to the almost one-year low yesterday quotes turned up data about the deterioration of crops and delay the harvest of spring wheat in the United States due to precipitation.

 

According to the USDA, the number of crops of spring wheat in good or excellent condition in the U.S. for the week decreased by 4% to 69%, which matches last year's level, although traders had expected the figure would be 73%.

 

Spring wheat, collected on 15% of the area compared to 6% last year and 25% in average for 5 years at that date. Winter wheat is collected on 90% of areas, compared to 87% last year and 93% average in 5 years.

 

Chicago September wheat futures rose as investors after 3-day fall began to carry out speculative purchase.

 

the September wheat futures in the U.S.:

the

1.01 $/t to 153,13 $/t for solid winter HRW wheat in Kansas city

0.73 $/t to 181,05 $/t on a firm spring HRS wheat in Minneapolis.

  • 1.47 $/t to 181,88 $/t for SRW soft winter-wheat in Chicago

 

Purchase of Egyptian GASC only 120 thousand tons of wheat at a price of 7.3 $/t lower than in the previous session, puts pressure on prices of Russian and European wheat, which can't compete with black sea grain.

 

However, the prices of French wheat rose due to speculative factors, as on the eve of the release of the USDA report traders open new positions.

 

the

  • September futures milling wheat on MATIF rose on Friday by 0.75 €/t to 177,75 €/t or 208,41 $/t

 

Today the markets will remain under pressure from lower prices for black sea wheat and expect from a new USDA report increased forecast production in Canada and Russia, which offset the decrease in yield in the US and the EU.

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