The wheat market in the U.S. will win back lost positions
on Tuesday after a three-day weekend market of U.S. wheat moved up.
This growth largely were speculative in nature, the investors closed the short positions and was trying to play Friday the drop in prices.
Heating market contributed to the news of the slowing winter wheat harvest due to heavy rains that fell during the weekend days. National state statistical service at the U.S. Department of agriculture (NASS USDA) reported that as of 3 July, the winter wheat crop harvested from 58% of the area, which is 8% higher than in the same period last year and 5% higher than the average of the last five years.
In the US, the July wheat prices have risen:
- the 1.19/tone to 154,14 $/ton in Chicago soft wheat SRW,
- the 2.85 $/tonne to 147,71 $/ton in Kansas city for hard wheat HRW,
- the 5.33 $/tonne to 185,09 $/tonne in Minneapolis on hard spring wheat HRS.
On Euronext wheat prices had also tightened up and now is 170 $/ton. Judging by the activity of buyers, this price level is quite attractive.