Wheat quotes have risen sharply since the beginning of the week

Wheat prices resumed on Monday amid a five-year low in the world stockpile and a continuing war in Ukraine that left Ukrainian wheat supplies blocked and Russian wheat supplies declining due to sanctions.

According to the UIC of the United States, for the week of April 1-7, wheat exports from the United States increased by 38% to 411 thousand tons, and in the 2021/22 season reached a total of 17.627 million tons, or 82.5% of the updated forecast of 21.36 million tons By the end of the season, 467 thousand tons need to be shipped every week, which is quite real.

Rainfall across the United States has improved the condition of winter wheat crops. According to the NASS USDA, the number of winter wheat crops in the United States in good or excellent condition for the week increased by 2% to 32%, although last year it was 53%.

May wheat futures in the US rose on Monday:

• 5.6% or $ 21.5 / t to $ 405.6 / t for soft winter SRW wheat in Chicago,
• 7.4% or $ 29.3 / t to $ 427.1 / t for winter winter HRW wheat in Kansas City,
• 4% or $ 16.3 / t to $ 424.8 / t for durum spring HRS wheat in Minneapolis.

Black Sea wheat in Chicago fell by $ 2.5 / t to $ 390.75 / t.

European wheat is rising amid drought in Morocco and tenders announced by Algeria and Egypt.

Morocco has experienced the worst drought in decades, with only 21% of its 3.5 million hectares of cereals in satisfactory condition. In January 2022, the country imported 805 thousand tons of grain compared to 338 thousand tons a year ago. France has traditionally been the main supplier of wheat, but supplies from Ukraine and Russia have increased in recent years.

The Algerian state agency OAIS has announced a tender for the purchase of at least 50,000 tons of flour wheat for delivery from May 1 to June 30. The Egyptian GASC also announced a tender for the purchase of flour for delivery on June 1-15.

• May wheat futures on Paris' Euronext rose 7.1% or € 26.5 / t to € 399.25 / t on Monday, although the dollar rose to just € 432 as the euro fell to $ 1,084 / €. $ 6 / t.

According to the Australian Bureau of Statistics (ABS), in February the country increased wheat exports by 5% compared to January from 2.66 to 2.79 million tons, which was a record monthly figure. High world wheat prices allow Australia and India to generate additional export earnings while Black Sea grain exports are blocked due to the Kremlin's senseless war in Ukraine.