Difficult weather conditions in the United States and Russia are increasing pressure on wheat prices

2020-11-10 12:03:10
Machine translation
Difficult weather conditions in the United States and Russia are increasing pressure on wheat prices

Wheat quotes move versatile under the influence of weather factors and high export demand. Market participants expect that the updated balance, the USDA increased the forecast of production and consumption of wheat and reduced the estimate for ending stocks.

 

In anticipation of a new USDA report, the market for American wheat continued Friday's decline.

 

As of November 8 winter wheat in the United States planted 93% of squares, compared with 91% a year ago and 91% on average for 5 years. Shoots were obtained on 79% of the area compared to 76% a year ago and 78% on average for 5 years.

 

In good or excellent condition are 45% of the crops, whereas a week ago the figure was 43%, a year ago 54%. The moisture deficit increases, and is now in 48 of the agricultural States in the upper soil layer experiencing 44% of crops compared to 38% a week ago and 16% a year ago.

 

According to estimates by the USDA, the acreage under wheat in the United States in 2021 will increase by 1.7 million acres to 46 million acres that inhibits the growth of prices.

 

December futures in the U.S. fell:

the

1.01 $/t to 203,01 $/t for solid winter HRW wheat in Kansas city

0.92 $/t to 203,83 $/t on a firm spring HRS wheat in Minneapolis.

  • 1.65 $/t to 219,54 $/t for SRW soft winter-wheat in Chicago

 

the French wheat Market started the week on the rise due to the depreciation of the Euro against the dollar, the purchase by Saudi Arabia of significant quantities of wheat (43% more than planned), including French production and the resumption of growth of export prices for Russian wheat.

 

the

  • December futures for milling wheat on MATIF rose by 0.5 €/t to 209,25 €/t or 247,7 $/t

 

the EU Countries (with the UK) in 2020/21 MG as of November 8, reduced compared to the corresponding period in 2019/20 MG export soft wheat 24% to 7,843 million tons, while imports have increased by 10% to 1.11 million tons.

 

According FranceAgrime, winter wheat in France as of November 2, planted 76% of the area compared to 66% a week ago, and 63% a year ago.

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