After the holidays, wheat prices skyrocketed
After the Easter holiday trading on the market of French wheat began with skyrocketing prices.
- May futures milling wheat on MATIF rose 2.5 €/t to 166,25 €/t (203,84 $/ton), which was the highest level last month.
After a cold snap in late March, the condition of crops and durum wheat in France continues to deteriorate and has reached the worst 4-year record.
of sowing soft wheat in good or excellent condition decreased by 1P. to 78%, much lower than last year's 90% and approaching 4-year low of 77%.
the Share of crops durum wheat in good or excellent condition decreased by 2P. up to 79%.
the Market supports Algeria announced a procurement tender, which will be the last in the current season, which might disappoint the traders.
railway Strike, the closure of some of the river routes and the shortage of cars to transport grain are another factor supporting prices.
Following the French exchange wheat in the United States also rose sharply on news of the poor state of winter crops.
last night USDA released a report summarizing the condition of the winter wheat crop, which shocked the market, because of the poor condition of the crops has not been observed since 2002.
the May futures for U.S. wheat has increased:
6.34 $/t to 178,11 $/t for solid winter HRW wheat in Kansas city
3.49 $/t to 214,21 $/t on a firm spring HRS wheat in Minneapolis.
- by 4.13 $/t to 168,10 $/t for SRW soft winter-wheat in Chicago