Speculators are trying to heat up wheat prices
Before the meeting of the presidents of the United States and China, which can be solved trade disputes, speculators in anticipation of possible price increases began to carry out the purchase. The growth of prices for agricultural products in the United States supported European stocks.
- March futures for milling wheat in Paris rose by 0.75 €/t to 202,25 €/t or 230,02 $/t
the depreciation of the Euro increases the competitiveness of European wheat on the world market. However, at the last tender of Algeria expressed a preference for Argentine wheat, and American and Uruguayan, which is very disappointing European traders.
the price of wheat continues to maintain information about Russia blocked Ukrainian ports in the sea of Azov.
Wednesday on the U.S. stock exchanges investors covered short positions, so that the quotes increased slightly.
Experts again lowered expectations weekly export sales of US wheat to 250-500 thousand tons export growth chervonoarmyska soft wheat SRW are 54,81%, whereas hard wheat HRW – only 42%.
March wheat futures on US exchanges rose:
by 3.21 $/t to 180,87 $/t for solid winter HRW wheat in Kansas city
0.55 $/t to 209,99 $/t on a firm spring HRS wheat in Minneapolis.
- 1,84 $/t to 187,94 $/t for SRW soft winter-wheat in Chicago
as a Result of the escalating confrontation between Ukraine and Russia the prices for December deliveries of Kazakh and Russian wheat increased by 1-2 $/t to 232 $/t for wheat with protein 12.5% and 225 $/t for wheat with protein 11.5 percent.
Egypt's Statement about the impossibility to pay for the wheat that ought to be delivered in December and the request to postpone delivery for January in the near future will put pressure on prices on black sea wheat.