Wheat markets remain under pressure from the Russian harvest
the Record Russian harvest and increasing export Outlook continue to put pressure on the European grain market.
According to the Ministry of agriculture of the Russian Federation, 22.08.17 from 14.5 million hectares, representing 52% of crops of winter and spring wheat production volumes totaled 60.5 million tons of grain with an average yield of 41.7 kg/ha (while in 2016 she 34.7 /ha).
the wheat Stocks at procurement and processing enterprises of Russia increased in comparison with the previous year by 11.3% to 10.4 million tonnes, of which the share of food grains – of 7.42 million tonnes (+13,4% compared to 2016).
on Tuesday, September futures of French wheat fell to a new low. However, cheap French grain interested importers – Algeria announced a tender for the procurement of milling wheat. At the previous tender in late July, the country has acquired 500 thousand tons of wheat.
- September futures milling wheat on MATIF fell by 0,75 €/t up to 151.5 €/t (178,25 $/t).
wheat sites on Tuesday, the US also continued to fall.
presses harder on the price factor of the Russian crop, and experts vying to improve the forecasts of production and exports of grain from Russia. Some estimates reach 82 million tons.
accelerate the pace of cleaning and improving the quality of spring wheat in the United States extra pressure on the exchange.
the September wheat prices in the US fell:
- soft wheat SRW in Chicago by 2.66 $/t to 147,8 $/t,
- for hard wheat HRW in Kansas city by 3.22 $/t to 146,61 $/t
- on a hard spring wheat HRS in Minneapolis by 5.14 $/t to 235,52 $/t