Continues the speculative rise in world prices for wheat
on the Eve of the release of the USDA report for the second consecutive day expensive soft wheat in Chicago. Price supports hot weather in growing areas of spring wheat. Such problems in Canada further reinforce the influence of weather factors. Spring wheat in Minneapolis after five days of active growth was somewhat cheaper due to speculative games.
Experts predict weekly export sales of new crop wheat at the level of 350-550 thousand tons.
July quotes winter wheat grew:
- in Chicago by 3.31 $/t to 163,41 $/t for SRW soft winter-wheat,
- in Kansas city by 2.94 $/t to 163,87 $/t for solid winter HRW wheat.
In Minneapolis hard spring HRS wheat fell by 1.19 $/ton to 218,81 $/t
Information about the progress of the world's harvest and the wheat yield is quite optimistic.
As of June 5, China has collected 50% of the crop. The country's Ministry of agriculture assesses the gross yield to a record 131 million tons, which is 1.7% over 2016
the USDA expects that India this year will collect a record harvest of wheat - 96 million tonnes, which will reduce the import and restock. Indian experts estimate the gross yield at 97.5 million tonnes, which is significantly higher than last year's 87 million tons.
improved weather conditions, which gives hope for a good harvest. Added optimism to traders winning the tender in Algeria, so the September milling wheat quotations on the MATIF rose to 168,5 EUR/t or 189,68 $/t