Wheat prices started the week plummeting

Weather in Australia and Argentina contributes to grain formation and obtaining a predicted yield of wheat, whereas low demand from importers weighs on wheat prices.

Today, the Egyptian GASC tenders for the purchase of at least 55-60 thousand tons of soft milling wheat with delivery 15-25 December, will demonstrate the competitiveness of Russian wheat, which through the inflated price did not get a victory at the previous auction on October 29.

the Rain in Australia will not be able to improve the condition of the wheat crops, however, will stop further fall in production.

According to the USDA, wheat exports from the U.S. for the week decreased by half to 293,3 thousand tons, which is far less than expert expectations and the corresponding period last year. However, total exports in the season is 10.9 million tons, which is 22% higher 2018/19 Mr.

the Market for U.S. wheat began the week by falling under the pressure of strengthening dollar and lower neighboring corn market.

As of 3 November, winter wheat in the United States planted 89% of the planned areas, compared with 85% a week ago 83% a year ago and 88% on average for 5 years. Shoots were obtained on 71% of the area compared to 69% a year ago and 74% on average for 5 years. In good or excellent condition and 57% of crops compared to 56% a week ago and 51% a year ago.

December wheat futures in the U.S. fell:

at 1.10 $/t to 155,42 $/t for solid winter HRW wheat in Kansas city

by 2.57 $/ton to 192,63 $/t on a firm spring HRS wheat in Minneapolis.

• at 2.30 $/t to 187,30 $/t for SRW soft winter-wheat in Chicago

the market European wheat pressure drop Chicago and stop the growth of export prices for Russian wheat.

• December futures for milling wheat on MATIF fell 1.25 €/t to 4-week low 176,25 €/t or 196,63 $/t

Quotes did not support the intensification of shipments to Algeria from the ports of France and exports, according to which the weekly wheat exports from the EU amounted to 166,79 kt, and the total season – to 8.9 mln tonnes, which is 50% higher than the corresponding figure 2018/19 Mr.

the price of wheat protein 12.5% in Germany and the Baltic States rose to 206-208 $/t FOB, which reduces the competitiveness of European wheat outside the EU.

According to brokers, 4-6 "panamaxes" high-protein wheat was sold from Lithuania to China last week, but the terms of the agreement are unknown.