Dry weather raises the price of wheat in the United States
Starting Friday the price of wheat on the U.S. stock exchanges during the three working sessions increased by 3-7%, and overall for the month July wheat futures have risen in price:
in Kansas by 11% to 203,17 $/t,
in Minneapolis by 6.8% to 228,89 $/t
- in Chicago by 13.6% to 193,36 $/t,
Dry weather in the growing areas for winter wheat and spring wheat in the United States and delayed sowing of spring wheat were the main factors of price growth.
According to the USDA, sowing of spring wheat in the United States held 10% of the area, which is 26% below the average 5-year level. 37% of winter wheat crops are in poor or very poor condition, whereas last year the figure was 13%.
Delay sowing of spring wheat due to the late spring in Russia, excessive rains in Argentina and dry weather in Australia where you want to start the sowing campaign, causing traders concern about the fate of the future global wheat harvest in the current season.
wheat Exports from the US last week decreased by 41.57% and was only 376,256 thousand tons, which is by 36.21% lower than the level of last year.
the canadian Bureau of statistics on Friday released the first forecast of the acreage, which surprised the market. According to the forecast, the area of sowing of all wheat in Canada will grow by 12.8% to 25,259 million acres, particularly of spring wheat by 15.4% to 18.24 million acres and durum wheat durum 10.9% to 5,776 million acres.
Monday, wheat prices in Paris rose by 2 €/t to 168,25 €/t, however, due to the sharp fall of the Euro price in dollars dropped to 201,98 $/t. Low the Euro will boost European export sales of wheat.