Black Sea wheat prices may accelerate decline after Egypt tender

2021-07-05 12:24:51
Machine translation
Black Sea wheat prices may accelerate decline after Egypt tender

The start of winter wheat harvesting in Russia and Ukraine shows high yields in the southern regions, which are the main suppliers of wheat in July and after last year's crop failure actively sell at current prices, which increases pressure on prices.

 

Purchase prices for wheat in Ukraine over the past week decreased by 1 10-15/ton with delivery to the port to the level of 2 215-222/ton, or 6500-6800 UAH/ton, but the decline in quotations on the stock exchanges accelerated on Friday, which will increase pressure on prices.

 

On Friday, Black Sea wheat futures on the Chicago Stock Exchange fell again by 5 5-6:

  • July-by 5 5 / ton to 2 243.5 / ton;
  • December-by 6 6.5 / ton to.251.0 / ton.

 

Today, Egypt's grain agency GASC is holding a tender for the purchase of flour wheat for delivery in the first half of September 2021, and this is a very important tender for Black Sea wheat, which has lost the last two tenders to Romanian wheat and now traders will have to significantly reduce the offer prices to bypass European wheat.

 

 

On Friday, traders on US wheat exchanges recorded profits after speculative growth, and winter wheat prices declined as the weather improved for harvesting, while spring wheat continued to rise due to the forecast of precipitation shortages in the coming weeks.

 

Today on the stock exchanges will be a weekend due to the celebration of Independence Day in the United States.

 

July quotes of American winter wheat decreased:

  • soft wheat SRW in Chicago by 4 4.68 to 2 237.27 / ton;
  • HRW durum wheat in Kansas City by 7 7.44 to 2 224.59 / ton;
  • Hrs durum wheat in Minneapolis rose на 1.10 to 3 317.09 / ton.

 

 

The September French wheat market continued to be under falling pressure on Friday for two trading days in Chicago. The mood of trading was also influenced by the favorable prospects for the European harvest.

September quotes of flour wheat on the Paris matif exchange decreased by €4.00 to €205.00/ton (€242.91/ton).

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