Wheat in Chicago rose to a monthly high
COCERAL in the September report downgraded its forecast for soft wheat crop in 142,135 million tonnes, which is 5% higher than the figure recorded last season. The assessment of the production of durum wheat in comparison with MG 2016/17 reduced by 10% to 8,739 million tons.
However, speculators do not pay attention to fundamental factors and try even harder to reheat the wheat market.
Quotes French wheat grow for the third day in a row. Thursday also supported the weakening of the Euro. The direction of movement strikes the ground in Chicago that is growing, primarily due to speculative operations. European investors also actively conduct speculative buying.
Analysts are warned that it is too early to consider a seasonal post-harvest low prices.
- December futures milling wheat on MATIF rose to 1.75 €/t to 164,75 €/t (196,69 $/t).
Exchange USA have ignored the decrease in the outcome of the weekly export to 307 thousand t, and remained under the influence of speculators. December futures in Chicago rose to a month high against the background of investors technical buying.
December quotations of wheat in the U.S.:
- soft wheat SRW in Chicago by 1.01 $/t to 166,26 $/t,
- for hard wheat HRW in Kansas city by 0.55 $/t to 165,16 $/t
- hard spring wheat HRS in Minneapolis by 1.01 $/t to 229,37 $/t