Dry weather allowed to step up harvesting of spring wheat in Canada, Kazakhstan and Russia

Warm and dry weather contributes to the completion of spring wheat harvesting in Canada, Kazakhstan and Russia without significant losses, which reduces market concerns about a possible reduction in the harvest and increases pressure on prices amid low export and demand rates.

Prices for American wheat fell yesterday,while European and Black Sea wheat rose slightly more.

In Kazakhstan, as of September 28, 15 million tons of grain were threshed from 15.5 million hectares or 97.9% of the area, including 11.7 million tons of wheat (against the USDA forecast of 12 million tons). The quality of the harvested grain is the best in the last 5 years. The share of Class 3 wheat with a gluten content of 28% or higher is 71%, compared to 59% last year.

In Russia, as of September 27, 73.9 million tons of wheat were threshed from 26.1 million hectares or 91% of the area with a yield of 2.83 t/ha, which already exceeds the USDA forecast of 72.5 million tons.

Canada is completing spring wheat harvesting, and as of September 21, 94% of the area is harvested in Saskatchewan, 86.5% in Alberta, and 97% in Monitoba.

December US futures fell again yesterday:

• by 5 5.79 / ton to Чикаго 259.6/ton for soft winter SRW wheat in Chicago,
• by 5 5.79 / ton to H 259/ton for hard winter HRW wheat in Kansas City,
• by 5 5.3/ton to.333.3 / ton for hard spring HRS wheat in Minneapolis.

Wheat markets remain under pressure from falling stock indexes and oil prices, as well as concerns about slowing economic growth. Uncertainty with the vote in the US Congress on increasing the national debt increases the likelihood of stopping budget payments from October 18.

• December Black Sea wheat futures at Chicago SWOT rose вчора 0.75/ton to.316/ton yesterday, following the European wheat market.

The depreciation of the euro against the dollar to the level of 1 1.1688/€ supports quotes in the EU.

• December wheat futures on Paris ' Euronext rose 0.75 €/ton yesterday to 254 €/ton or 2 296.88/ton.

In Ukraine, the gap between prices for food and feed wheat is increasing, which has already reached 2 20/ton or 500-550 UAH/ton, while in previous years it decreased to 1 1-3/ton due to the high share of food wheat. However, there is a decrease in demand for feed wheat.