Wheat prices rose sharply after the release of the October USDA report

On Tuesday, wheat markets reacted rather cautiously to the October USDA report, and prices even slightly decreased, but at the end of the week, the growth of stock prices accelerated against the background of rising prices for corn and other agricultural crops.

U.S. stock and commodity markets continue to grow rapidly, contributing to speculative increases in wheat prices. Wheat prices in Chicago within three days after the release of the report rose by 2.2%, in Kansas – by 3.3%, Minneapolis – by 2.4%.

The market was supported by data on export sales, which for the week increased by 7% to 567.6 thousand tons, although actual exports decreased by 10% to 458.9 thousand tons. since the beginning of the season, export sales amounted to 12 million tons, which is 20% lower than the corresponding indicator last year.

December US futures fell:

• by 3 3.4 / ton to Чикаго 269.7/ton for soft winter SRW wheat in Chicago,
• by 4 4.68 / ton to H 273.3/ton for hard winter HRW wheat in Kansas City,
• by 4 4.68 / ton to.356 / ton for hard spring HRS wheat in Minneapolis.

European wheat is also rising in price amid high demand, especially for French wheat from China.

• December wheat futures on Paris ' Euronext rose 5.5 €/ton to 276 €/ton or 3 319.65/ton on Friday.
• December Black Sea wheat futures at Chicago SWOT rose 2.8% to a record рекорд 330/ton from Wednesday, which supported wheat prices in Russia.

Export prices for Russian wheat with 12.5% protein increased to F 310-320/ton FOB. Pakistan canceled the tender for the purchase of wheat after the offer prices at it reached the level of 3 388-400/ton C&F.

In Ukraine, purchase prices for food wheat continue to grow against the background of limited supply from producers engaged in harvesting late crops and sowing winter crops.

Dry weather in Ukraine and Russia, which negatively affects winter crops, will soon become an additional factor in supporting prices.