Wheat in the US is expensive, and in Europe it's cheaper
the wheat Market is still under influence of speculators, who sway prices weather news. However, if Monday quotes in Chicago fell, and in Paris grew on Tuesday in Europe recorded profits and the stock exchanges, the U.S. resumed its growth.
on Tuesday the U.S. stock exchanges, the driving force of the auction was to reduce the share of USDA spring wheat crops, which are in good or excellent condition, with 45% the previous week to 41%, whereas a year ago such crops was 76%.
Quotes of soft wheat in Chicago reached the highest in two and a half years of the index.
the July wheat futures in the U.S.
- in Chicago by 2.02 $/t to 173,61 $/t for SRW soft winter-wheat,
- in Kansas city 0,64 $/t to 174,25 $/t for solid winter HRW-wheat,
- in Minneapolis 6.16 $/t to 241,13 $/t on a firm spring HRS wheat.
Despite the rise in the price of wheat in Chicago, the quotations of milling wheat in France Tuesday fell slightly.
Traders worried about the fate of future crops due to prolonged dry and hot weather. However, after the price increase on Monday, September futures to a one-year high, investors decided to take profits.
- September milling wheat quotations on the MATIF fell by 0.50 EUR/t to EUR 177/t or 196,82 $/t