Wheat in the EU falls, and Chicago is growing in spite of market conditions
On the French MATIF Monday registered a decline of quotations of soft wheat.
European exchange is under pressureof drop in the Chicago market, but on Monday there was a slight increase. After the improvement of weather conditions in Germany and France continued the harvesting campaign.
September quotes milling wheat on the Paris MATIF fell by EUR 1.00/tonne to € 165,50/tone or 183,38 $/ton.
Wheat area in Chicago continued to rise since Friday. However, it has become almost symbolic.
Contrary to fundamental and market factors wheat quotes continued to grow. Almost completed harvesting of winter wheat remained untreated only 6% of the area. In addition, 30% of the area collected spring wheat, although the average five-year rate at that date amounted to 18%.
As of 08 Aug quotes of the American wheat for transactions in September were moving in different directions:
- rose 0.37 $/tonne to 153,22 $/ton soft wheat SRW in Chicago
- fell 0.74 $/tonne to 150,55 $/tonne hard wheat HRW in Kansas city
- rose by 1.65 $/tonne to 183,53 $/t hard spring wheat HRS in Minneapolis.