Wheat in the US is cheaper, although the demand for black sea grain high
Monday soft wheat in Chicago fell by almost 3%, and within 3 trading days the price dropped by 5%.
the market is dominated by speculative sales amid news of weather favorable to the development of crops of winter weather conditions that are observed in the main producing countries.
the March wheat prices in the U.S. fell:
- in Chicago by 4.59 $/tonne to 153,86 $/tones of soft winter wheat SRW,
- in Kansas city by 3.58 $/tonne to 163,14 $/tones on hard winter wheat HRW,
- in Minneapolis by 3.58 $/tonne to 196,58 $/tone for hard spring wheat HRS.
On the stock exchange in Paris, the price of wheat fell to 170,25 € /t on the news from France Agrimer for the amelioration of the condition of crops, of which in good and excellent condition are 93% versus 92% last week.
the Pace of wheat exports from Ukraine remain stable at the level of 250 thousand tons per week, due to strong demand amid limited supply.
On the basis of CPT-port for wheat offer:
- wheat grade 2 170-171 $/ton or 5300-5350 UAH/t,
- wheat 3 class 167-170 $/ton or 5200-5300 UAH/t,
- wheat fodder 157-161 $/ton or 4900-5050 UAH/t
Russia last week increased its exports to 425 thousand tonnes due to the growing demand from middle Eastern countries. Recall that this week, Syria has acquired 1.2 million tonnes of Russian wheat, and Egypt today will hold a tender where plans to purchase 55-60 thousand tons of milling wheat for delivery April 1-10.