Dry and hot weather adjusts the prices of wheat
After the previous two-day fall the soft wheat futures in Chicago on Thursday, has partially won back losses. Speculators stepped up buying after the update of forecasts of wheat production in Ukraine and Russia.
Experts expect that the winter wheat crop in Russia will be reduced by 10% and in Ukraine by 6% to 24 million tonnes of dry and hot weather in growing areas.
the Pace of sowing of spring wheat in the United States caught up with the average, and in Russia are lagging behind by 32%, and now there is planted only 9.1 million hectares, or 70.5 percent of the forecast. The Ministry of agriculture of Russia reduced its forecast of grain production in 2018 from 115 to 105-110 million t. Experts IKAR estimate the wheat crop of 69.5-77,5 million tons, SovEcon analysts is 77 million tonnes.
Monitoring of crops USDA have shown that despite low levels of rainfall, due to heat, the area under drought are increasing and it has reached the Western regions of the wheat belt States of Colorado, Utah and new Mexico.
the July wheat futures in the U.S.:
0,64 $/t to 199,33 $/t for solid winter HRW wheat in Kansas city
of $0.18/t to 224,87 $/t on a firm spring HRS wheat in Minneapolis.
- 1.56 $/t to 193,36 $/t for SRW soft winter-wheat in Chicago
September futures milling wheat on MATIF rose 2.5 €/t to 182,75 €/t (213,3 $/t).