Wheat in Chicago tumbled to a 10-year low
on Friday Chicago grain exchange was observed extraordinary collapse of quotations. The cost of the September agreements on soft wheat fell to the lowest since the summer of 2006 level. This rapid price drop has not happened for the past two years.
the Main factor in the decline was the intensification of speculative sales after the publication of the forecast of the International Grain Council regarding the growth in the volume of proposals of wheat in the world.
On the US stock exchanges quotes wheat for transactions in September fell:
- by 6.52 $/tonne to 140,91 $/tones of soft wheat SRW in Chicago
- by 5.78 $/tonne to 143,21 $/tone for hard wheat HRW in Kansas city
- is 1.93 $/tonne to 180,96 $/tone for hard spring wheat HRS in Minneapolis.
the fall in Chicago entailed European exchanges. Besides, Friday's FranceAgrimer report on the quality of French wheat has not provided the support prices.
As a result, the MATIF milling wheat according to the agreements of September fell by € 1.50/tonne to € 158,50/tone or 177,54 $/ton.