Wheat quotes on world stock exchanges recovered to the level of last week

At the beginning of the week, wheat prices on world stock exchanges fell, but on Wednesday and Thursday they rose rapidly, compensating for the previous drop. They were supported by an increase in export demand and a small share of food wheat in the EU and Ukraine.

IGC experts lowered their forecast for global wheat production in the current season to 781 million tons (775.8 million tons in the previous season), which is almost in line with the USDA forecast in September of 780.3 million tons.

On the US stock exchanges, wheat quotes recovered following the stock and commodity markets, which on Monday collapsed on news from China.

Weekly export sales of wheat from the United States were quite low and amounted to 355.9 thousand tons, but actual exports increased by 8% to 507.9 thousand tons. total exports since the beginning of the season are 6.84 million tons, which is 16% lower than last year's pace.

December US futures fell yesterday:

• by 4 4.4 / ton to Чикаго 263.7/ton for soft winter SRW wheat in Chicago,
• by 5 5.14 / ton to H 264.6/ton for hard winter HRW wheat in Kansas City,
• by 2 2.94/ton to.334.9 / ton for hard spring HRS wheat in Minneapolis.

Data on wheat harvesting in Russia and Kazakhstan indicate that the harvest may exceed the USDA forecast, but Ukraine's intentions to limit food wheat exports to 60% of the wheat export volume agreed by the memorandum are worrying the market.

• December Black Sea wheat futures on Chicago SWOT rose серед 6.75/ton to.314/ton from Wednesday, almost recovering from last week's price level.

An increase in wheat exports from the EU last week to 1 million tons also supported quotes.

• December wheat futures on Paris ' Euronext rose 2.5 €/ton yesterday to 252 €/ton or 2 295.8/ton.

The Algerian state agency OAIS purchased at a tender from 300 to 500 thousand tons of durum wheat produced in Mexico and Canada for delivery in November at a price of 6 620-640/ton of C&F. The high price is due to a decrease in the durum wheat crop in Canada.

In Ukraine, purchase prices for food wheat remain in ports at the level of 8650-8700 UAH/ton or 285-287 $/ton. producers are increasing the number of offers, as they want to free up warehouses for corn and sunflower.