Despite the recovery in commodity markets, wheat prices continue to fall

Yesterday's restoration of financial and commodity markets, as well as good stats export was unable to support wheat prices, which continued falling in the US and the EU. Quotes crushes on improving the condition of winter wheat crops in the United States.

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• the May futures for milling wheat on MATIF fell 1.25 €/t to 183 €/t or 203,75 $/ton, despite the best export Feb for the last 10 years.

France in February exported to third countries of 1.46 million tonnes of soft wheat since the beginning of the season of 7.82 million tonnes to reach FranceAgrimer projected 12.6 million tons, the country should before the end of the season to create even more of 4.78 million tonnes or 1.2 million tonnes per month, for the spring months is a nearly impossible rate.

EU Country in the current my exported 19,114 million tonnes of soft wheat, which is 60% higher than the corresponding figure of the previous season, but the rate of export decline for the third straight week.

the Strengthening of the Euro to 1,114 $/€ will significantly reduce the competitiveness of European wheat.

Soft wheat in Chicago continued to fall under pressure from speculators who were playing on the slide, using new data on the distribution coronavirus. However, the decline in prices was limited by the growth of stock exchanges in Minneapolis and Kansas city, the weakening of the dollar and data export.

wheat Exports from the U.S. last week rose by 50% to 654,9 thousand tons, which is 34% higher than the corresponding figure 2019 With the start of the season exported 18.8 million tons of wheat, 11% more than at the same date a year ago.

According to the report of the USDA, thanks to favorable precipitation, the number of winter wheat crops are in good or excellent condition, per week has increased in Kansas from 35% to 43% in Texas from 31% to 36% in Oklahoma from 46% to 57%.

the May wheat futures in the U.S. had such a dynamic:

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rose by 1.65 $/t to 168,19 $/MT of hard winter HRW wheat in Kansas city

increased by 0,28 $/t to 194,09 $/t hard spring HRS wheat in Minneapolis.

• fell 0.64 $/t to 192,26 $/ton SRW soft winter-wheat in Chicago

Turkish news Agency TMO has announced a tender for the purchase of 305 thousand tons of soft milling wheat with protein of 13.5%, which will be held on March 11 and will be an indicator of prices for Russian wheat, especially against the background of increasing tension between the countries.