The acceleration of winter wheat sowing slowed the growth of stock prices

Wheat on world stock exchanges was trading in a neutral zone yesterday amid improved conditions for sowing winter crops in the main exporting countries and low export demand.

Dry and warm weather established in the United States, Ukraine and Russia will accelerate the pace of sowing winter wheat, and sufficient reserves of soil moisture will contribute to the appearance of good shoots.

On the US stock exchanges, wheat was traded in a versatile way and with minimal changes amid accelerated sowing and poor exports.

According to the USDA's NASS, as of September 26, 34% of the planned areas were sown with winter wheat in the United States, which is 2% higher than the 5-year average.

Wheat exports from the United States for the week fell by half to 286 thousand tons, and in general in the season reached 8 million tons, which is 13.5% lower than last year's pace.

December US futures fell yesterday:

• by 0 0.55 / ton to Чикаго 265.3/ton for soft winter SRW wheat in Chicago,
• by 0 0.36/ton to.264.8 / ton for hard winter HRW wheat in Kansas City.

Hard spring HRS wheat rose in price by 2 2.02/ton to 3 338.6/ton in Minneapolis.

On the Chicago SWOT, December Black Sea wheat futures also rose вчора 1.25/ton to.315.25/ton yesterday.

According to the Icarus and SovEcon agencies, prices for Russian food wheat with 12.5% protein remain at F 304/ton FOB due to active exports in recent weeks. In my 2021/22, as of September 23, Russia exported 8 million tons of wheat, which is 22% lower than last year's pace.

According to the Ministry of Agriculture of the Russian Federation, as of September 24, 10.3 million hectares of winter crops were sown in the country, which is 0.7 million hectares less than last year on this date, since dry conditions greatly delay sowing in the Volga region.

Ukraine in my 2021/22 as of September 27 exported 7.953 million tons of wheat out of the projected 24 million tons for export, which almost corresponds to last year's pace. As of September 20, 18% of the planned areas, or 1.22 million hectares, were sown with winter wheat.

Purchase prices for purchased wheat in Ukrainian ports remain at the level of 8650-8750 UAH/ton or 285-288 $/ton, while the demand for feed wheat is decreasing.

• December wheat futures on Paris Euronext remained at 251.25 €/ton or 2 295.98/ton yesterday.

In the near future, producers will accelerate the sowing of winter crops, which will increase pressure on wheat prices for both the current harvest and the 2022 harvest.