Bad harvest of Australian wheat will support grain exchange
due to the unusually high temperatures experts FAS USDA again lowered its estimate of the gross wheat harvest in Australia in 2017/18 season now to 20 million tonnes, 15 million tonnes inferior record than last year and will be for at least the last 9 years.
Experts National Australia Bank believe that the wheat crop will be 18.7 million tons, which would be the lowest level in 10 years.
USDA predicts that in the 2017/18 season, Australia harvested 21.5 million tons of wheat (to 33.5 million tonnes in 2016/17 MG), and reduce its imports by 5 million tonnes to 18 million tonnes.
Precipitation that passed recently, will not help to increase yield, but can reduce the quality of grain, as wheat harvest is just beginning.
After yesterday's jump in wheat quotes in Chicago continued speculative growth.
December futures U.S. wheat has risen in price:
of $0.18/t to 159,46 $/t for hard wheat HRW in Kansas city,
1.74 $/t to 227,71 $/t for hard spring wheat HRS in Minneapolis.
- 0,45 $/t to 160,93 $/ton, soft wheat SRW in Chicago
December futures French wheat after Monday's price increase of 0.5 €/t on Tuesday returned to the previous level in the absence of fundamental market factors.
- December futures milling wheat on MATIF fell by 0.5 €/t to 161,25 €/t (189,67 $/t).