After a speculative jump wheat prices went down
After a rapid speculative increase in prices for Black Sea wheat, exchanges turned down yesterday, as investors recorded profits, and in physical markets traders stopped purchases and lowered prices amid an increase in offers.
September US futures fell:
- by 9 9.55 / ton to Чикаго 269.7/ton for soft winter SRW wheat in Chicago,
- by 7 7.25 / ton to H 263.1/ton for hard winter HRW wheat in Kansas City,
- by 7 7.72 / ton to.338.4 / ton for hard spring HRS wheat in Minneapolis.
Following US wheat, Black Sea wheat futures on the Chicago Stock Exchange also fell sharply:
- September-by 6 6.25 / ton to 2 293.25 / ton,
- December-by 6 6.75/ton to 3 307.75 / ton.
The price of European wheat was not supported even by the reduction by the German Farmers ' Association of the forecast of the wheat harvest in the country from 22.8 to 22.39 million tons and the activation of exports from the EU.
The European Union exported 196.6 thousand tons of wheat during the week, and in general – 2.3 million tons in the season, which is 5% ahead of last year's pace.
- On the Paris Stock Exchange, September wheat flour futures fell 6.75 €/ton to 245.75 €/ton or 2 288/ton.
In Ukraine, purchase prices for wheat yesterday in ports sharply decreased by 1 10-15/ton to 2 260-270/ton or UAH 8150-8400/ton against the background of increased sales by producers and traders ' doubts about the possibility of selling wheat at such high prices in the near future.
At this price level, Asian buyers would have to buy wheat with delivery at 3 360/ton, but Australian and Indian wheat are offered at.320-330/ton, and feed corn prices at C 320-330/ton CFR also limit the rise in the price of feed wheat.
