World wheat prices have not yet decided on the direction of the trend
the Market for U.S. wheat remains under pressure from the growth of world production and reduced wheat exports from the United States. Last week, wheat futures fell to a minimum of 6 weeks, after which traders began to speculative buying. As a result, prices increased by 2-3 $/t
But on Monday, the pressure of fundamental factors overpowered speculative swings, and prices dropped again. During the week, wheat exports from the United States dropped three times, and the promised improvement in the weather will allow to intensify sowing of winter wheat.
December quotations of wheat in the U.S. declined:
- soft wheat SRW in Chicago at 1.10 $/t to 160,38 $/t,
- for hard wheat HRW in Kansas city by 0.92 $/t to 159,37 $/t,
- hard spring wheat HRS in Minneapolis by 2.02 $/t to 223,95 $/t
the French wheat Market on Monday rose slightly on hopes about reducing the government of Morocco import duty from 135% to 30%. The export of grain to countries that are developing, not very active, weekly sales were insignificant.
More rates supported the weakening of the Euro against the dollar to the level of 1,176.
- December futures milling wheat on MATIF rose by 0.25 €/t to 162,25 €/t (191,57 $/t).
In Ukraine the price of wheat at the port remain at 174-176 $/ton for grain with a protein of 11.5-12.5% and 164-165 $/t for feed grain. Traders declare high prices because they are trying to buy ports much wheat before the start of the period when mass will begin shipment of corn from elevators.