Wheat prices supports another reduction in forecast production in Germany
Association of German farmers (DBV) reduced the forecast of grain production in Germany to 2018 by 0.5 million tonnes to 35.6 million tonnes, which is 22% inferior to last year's harvest. The estimate of wheat production decreased from 19.2 to 18.6 million tonnes, which is 22% less than received in 2017.
- After a two-day drop yesterday, the price of European wheat rose 0.5 €/t up to 205 €/t or 237,03 $/t
Possible problems with the wheat harvest in major exporting countries kept the market in suspense.
Almost 60% of the collected in Ukraine, 25 million tons of wheat experts estimate, as food, however, indicate a fungal an impression of grain.
Russia has already collected 54.6 million MT of wheat, which gives hope for obtaining predictable 67-68 mln t. However, the high export growth can cause restrictions of the state.
because of the heat in Canada, AgCanada experts have reduced the forecast of wheat production compared to the previous estimate of 0.3 million tonnes to 30.3 million tonnes.
the price of wheat in the U.S. declined slightly in anticipation of today's release of data on exports and export sales. Traders await the outcome of negotiations on trade relations NAFTA between the U.S. and Mexico, which insists to bring to the negotiations of Canada.
the United States continues to raise spring wheat, as 74% of crops that are considered good or excellent.
the September wheat futures in the U.S. fell:
1.65 $/MT to 194,74 $/t for solid winter HRW wheat in Kansas city
0,92 $/t to 215,41 $/t on a firm spring HRS wheat in Minneapolis.
- 0.46 $/t to 193,27 $/t for SRW soft winter-wheat in Chicago
the Purchase price for wheat in Ukraine are rising due to the devaluation of the hryvnia. Traders offer in the port:
for wheat 11,5% 195-200 $/t or 6600-6650 UAH/t,
for wheat forage 185-192 $/t or 6100-6300 UAH/t
- for wheat of 12.5% 198-203 $/t or 6800-6900 UAH/t,