Speculative growth of prices for wheat continues
the Market for U.S. wheat on Friday continued to rise. March wheat futures in Chicago have renewed a maximum of 7 weeks. The main drivers trading is speculators who conduct technical buy and close short positions.
Additionally, the market support weather messages. The greatest risks for the future harvest creates a drought in major growing regions of winter wheat.
Results of weekly wheat exports has added to market optimism. Although relative to previous week the exports decreased by 10.8% to 376,8 thousand tons, it is almost 27% higher than the same week last year.
March U.S. wheat futures rose:
by 2.94 $/t to 162,77 $/t for solid winter HRW wheat in Kansas city.
1.56 $/t to 225,79 $/t on a firm spring HRS wheat in Minneapolis.
- to 2.39 $/t to 162,04 $/t for SRW soft winter-wheat in Chicago
In Paris wheat prices hit two-week high. Most prices supports the Chicago stock exchange, however, logistical problems with the delivery of grain to the Northern ports also significantly influence the market. The water level in the rivers continues to rise, which hampers navigation.
- March delivery milling wheat on MATIF rose by 0.75 5 €/t to 157,25 €/t (195,50 $/t).