Wheat prices are rising to support the markets for soybeans and corn
New USDA report was bearish for the wheat market. The traders expected that the acreage under wheat in the United States reached 46.5 million acres to 46 million acres last year, but experts USDA estimated this figure 47,339 million acres. In comparison with the previous season forecast of spring wheat increased immediately to 1,618 million acres.
However, with the support of the markets of soybeans and corn wheat sites in Chicago and Kansas fell short in stature. Rates supported the reduction of the estimates of wheat stocks in the United States as of March 1, 9.8% in comparison with the figure for the same period last year.
the May futures for U.S. wheat has increased:
at 2.30 $/t to 171,68 $/t for solid winter HRW wheat in Kansas city.
- 2.02 $/t to 165,71 $/t for SRW soft winter-wheat in Chicago
Decreased by 4.04 $/t to 215,56 $/t hard spring HRS wheat in Minneapolis.
Egypt at yesterday's tender bought 355 thousand tons of Russian and 120 thousand tons of Romanian wheat at an average price of 218,95 $/t FOB or 234,59 $/t CFR for delivery in April - may.
- because of the events on the American markets may futures milling wheat on MATIF rose by 0.75 €/t to 163,75 €/t (201,34 $/t).
the Results of the Egyptian tender showed that European wheat could compete with Russian. However, weekly exports of wheat from the EU amounted to a record low 126,74 kt, and from the beginning of the season the European Union due to high competition from Russian grain exported only 14.3 million tons, which is 23.2% lower than the level of last season.