Despite the decrease in the forecast of production in Canada, wheat prices are falling
In Thursday trading on the wheat exchanges took place under the pressure of fundamental factors: an abundant harvest and low demand. Activate the sale until the sellers can only lower prices.
wheat Exports from the U.S. last week rose to the highest in the season the level of 661.7 kt, which is 59% higher than the corresponding period last year.
Even the reduced forecast for wheat production in Canada, 2.9% were unable to maintain quotes.
Experts CIG in the August report updated record forecast of world supply and ending stocks of wheat, putting pressure on prices. The forecast of wheat production in the USA increased by 1.6 million tons.
the September wheat futures in the U.S. fell:
1,84 $/t up to 142,29 $/t for solid winter HRW-wheat in Kansas city
by 2.94 $/t to 176,18 $/t on a firm spring HRS wheat in Minneapolis.
- 0.92 $/t to 172,60 $/t for SRW soft winter-wheat in Chicago
Quotes European and black sea wheat continues to fall, so the American sellers have to lower prices to compete in the global market.
- f’usersi on European wheat in Paris yesterday fell 0.25 €/t to 165,75 €/t or 183 $/t after the publication of the official data on wheat crop in Germany at the level of 22.7 million tons, which is 16% higher than the previous season.
In the East of Russia due to the warm and dry weather harvesting of spring wheat in 10-14 days ahead of the pace last season. High yield and good grain quality can lead to increased projections of wheat production in Russia.
Ukraine per week reduced the exports of wheat doubled, to 410 thousand tons due to the fall in export demand, although on the whole season shipped 4.1 million tons of wheat, which is 55% higher than the corresponding period last year.