Global wheat prices turned down
After the long weekend auction of wheat venues in the United States began with falling of quotations. Activity of speculators decreased precipitation, past weekend in the growing regions of winter wheat, and the promise of further rains for another two weeks.
the weekly Volume of wheat export from the USA in comparison with previous week decreased by 15.5% to 422,3 thousand tons, which is by 26.02% lower than in the corresponding period last year.
the strengthening of the dollar against the Euro further pressure on quotations.
Using speculative sales quotes soft wheat in Chicago fell to a week low.
March U.S. wheat futures fell:
at 2.30 $/t to 173,34 $/t for solid winter HRW wheat in Kansas city
to 2.20 $/t to 221,38 $/t on a firm spring HRS wheat in Minneapolis.
- 3.12 $/t to 165,07 $/t for SRW soft winter-wheat in Chicago
Due to the depreciation of the Euro, quotes of French wheat on Tuesday reached a three-week high. Prices were supported by news about growth of export prices for Russian wheat.
However, at the end of trading significant drop in prices in Chicago have launched quotes down. Pessimistic traders added uncertainty to the outcome of the Algerian tender, where Argentine wheat is strong competition French.
- March delivery milling wheat on MATIF fell by 0.25 €/t to 160,5 €/t (198,10 $/t).
Today, the Egyptian GASC tenders for the purchase of at least 55-60 thousand tons of soft milling wheat supply March 22 – April 1.
Active import of wheat on a background of strengthening of world prices shows that buyers do not expect falling of the prices for grain of new harvest.