World wheat prices continue to fall

Under pressure from fundamental factors, the price of wheat of old and new crop continue to decline.

Favorable weather in the Northern hemisphere allows to hope for a good wheat crop in the United States, Ukraine and Russia. The promised precipitation in Western Europe will reduce concerns about the condition of crops.

Canada plans to reduce acreage Canalou in favor of wheat.

the government of India wants to increase import duty on wheat from 30 to 40%. Due to the record harvest in India has reduced imports of wheat from 5.75 million tonnes in 2016/17 MG to 1.2 million tonnes in 2017/18 MG, and this season did not buy wheat due to high fees.

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• On the Paris stock exchange, wheat prices also falling, the additional pressure coming from the depreciation of the Euro to 1,115 $/€. May futures fell by 1 €a/t to 202,44 $/ton, August – 1.5 €/t 191 up to $/t

Today, will become known the results of the Tunisian tender for purchase of 92 thousand tons of wheat for delivery in may and July, which will give a guide price of European wheat.

the Market for U.S. wheat on Wednesday resumed its fall. May the wheat futures in Chicago hits 6-week low.

the market crushed the prospects of a good harvest in Ukraine and Russia, the increase in Canada sowing areas of wheat by 3.8% and strengthen the dollar.

May futures in the U.S. fell:

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3.68 $/t to 148,62 $/t for solid winter HRW wheat in Kansas city

2,95 $/t to 184,90 $/t on a firm spring HRS wheat in Minneapolis.

• to 2.39 $/t to 158,82 $/ton, in winter SRW soft wheat in Chicago

the Experts of Rusagrotrans has increased the forecast of grain harvest in Russia in 2019 from 1.6 million tons to 125,5 million tons, including wheat – 1.4 million tons to 80.4 million tons, as favorable for the development of winter conditions in most regions compensate for the loss of winter crops in the South.

For the export of grain (including deliveries to countries of the EEU) will increase to 48 million tonnes compared with predicted for the current season 43,85 million tons.