Better weather in the US has fallen off the price of wheat

Precipitation that passed this week in the wheat belt of the United States, was not as powerful as predicted. This led to the collapse of prices for wheat, as speculators expected a sharp deterioration in the quality of the winter wheat crop.

Experts IEG Vantage (Informa Economics) estimated the acreage under wheat in 45,084 million acres, of which 31,504 million acres is winter wheat, and 12.16 million acres of hard spring wheat and 1.42 million acres – durum.

the Production of all wheat in the US in 2019 Vantage IEG estimated 1,911 billion bushels, in particular:

soft winter – 258 million bushels,

soft blazersite winter wheat – 228 million bushels.

• solid winter – 801 million bushels,

In the may forecast, the USDA estimated the wheat crop 1,897 billion bushels.

the Drop in wheat quotations that began on Wednesday has accelerated. July wheat futures in Chicago on the back of speculative sales updated weekly at least. Pessimism have added data weekly monitoring USDA, which witnessed the improvement of winter wheat crops.

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

by 8.36 $/t to 163,78 $/t for solid winter HRW wheat in Kansas city

4.96 $/t to 200,98 $/t on a firm spring HRS wheat in Minneapolis.

• by 6.06 $/t to 180,32 $/t for SRW soft winter-wheat in Chicago

Improved weather in the U.S. and great condition of crops in the EU put pressure on the French wheat market. In the near future prices will depend on the neighboring corn market, which is likely to continue to rise after the publication of the June report USDA, which will be significantly adjusted acreage and production forecast.

the

• September futures for milling wheat on MATIF fell by 3.5 €/t to 179 €/t or 200,95 $/t