Speculators warm up the market wheat using weather factors
the Third day in a row at the wheat site in the USA there is a rapid growth of quotations. According to the weather in the next two weeks of strong heat and drought will cover 2/3 of the spring wheat crops.
Tuesday 4 July, the country celebrates Independence Day, so the exchange will not work.
Investors before the holiday pause, trying to further heat up the market. However, importers will buy grain at such high prices, when stock exchanges in the main countries of origin yet depend solely on the concerns of the traders than the actual balance?
Already USDA inspected for export 505,03 thousand MT of wheat, which is 23.5% less than it was inspected the previous week and 11.6% less than the same date last year.
Remains in question, will rise after the holiday, the price of Chicago wheat above $200/ton, will be sijuwola adjustments. September wheat futures have already crossed the border of $200/ton.
July quotes of the American wheat have risen:
- by 9.46 $/t to 197,22 $/t for SRW soft winter-wheat in Chicago
- by 11.02 $/t to 198,87 $/t for solid winter HRW wheat in Kansas city
- by 16.26 $/t to 298,35 $/t on a firm spring HRS wheat in Minneapolis.
After Chicago, where three days in a row continues rapid growth; moves European wheat.
However, it also incorporates its own cause for concern. A large amount of precipitation, which will fall next week in Germany and the Baltic countries may affect the quality of the new crop.
- September quotes French milling wheat on MATIF rose by 3.25 EUR/t to 179,75 Euro/ton or 204,37 $/t