Weather factors continue to lower wheat prices

the Rains in Europe last week has improved the condition of the wheat crops that suffered from drought, and the dry and warm weather in the southern United States has helped to promote the harvest. These factors were decisive for stock prices of wheat. Also, the market expects a new USDA report, which will be released tomorrow.

Precipitation in EU this week will replenish the soil moisture reserves and stop caused by the prolonged drought reduced yields. The Ministry of agriculture of France has reduced the estimation of area under winter wheat by 1% to 4.59 million hectares, which is 8.3% below last year's level and 9% - the average 5-year average.

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• Trading on the Paris stock exchange yesterday were quite sluggish and under the pressure of the lower Chicago September futures for milling wheat on MATIF fell by 1.5 €/t to 184,5 €/t or 209,22$/t

MSG For Australia increased compared to the previous forecast estimate of wheat production in 2020/21 MG per 5 million tonnes to 26.1 million tonnes, which is 13% higher than the average 10-year average.

the price of winter wheat in the United States yesterday went into decline under pressure from new monitoring data the USDA. Winter wheat remains in a stable condition and the good weather helped to speed up the cleaning. The condition of spring wheat exceeded expert expectations.

the July wheat futures in the U.S. fell:

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1.01 $/t to 168,19 $/t for solid winter HRW wheat in Kansas city.

• by 2.57 $/ton to 185,37 $/t for SRW soft winter-wheat in Chicago

Remained at the level of 192,63 $/t hard spring HRS wheat in Minneapolis.

In the East, Russia has continued dry weather. Altai farmers sowing campaign was carried out in extremely difficult conditions, because in some areas of the province experienced severe soil drought, which affected a third of the crop, especially in the steppe zone.