Wheat prices turned
On Wednesday investors in Chicago think American wheat is too oversold and the market has made a speculative rebound.
Additional support for winter wheat has had a 1.6% increase in spring wheat in Minneapolis. The yield forecasts based on a recent inspection tour to some areas of cultivation of spring wheat dramatically reduced.
September quotes of the American wheat have risen:
- soft wheat SRW in Chicago by $1,38 to 175,54 $/ton
- hard wheat HRW in Kansas city by $1.01 to 174,71 $/ton
- hard spring wheat HRS in Minneapolis by $268,22 of 4.59 to $/ton.
French wheat in Paris in contrast to yesterday's Chicago, not found the resources to change the downward trend.
Algerian state company OAIC to tender purchased 500 thousand tons of milling wheat at a price 214-216 $/ton basis C&F mostly French and Baltic origin.
But this victory negates defeat in the tender in Egypt. According to experts, it is more significant as it underscores the competitiveness in the face of black sea wheat.
September quotes milling wheat on the Paris stock exchange MATIF fell by €0.25 to 168,00 €/ton (195,46 $/tonne).
In Ukraine, the price of milling wheat stabilized and there has been a small decline in prices for feed wheat.
Traders gradually reduce the rates after accumulating the requisite parties and today, for the wheat delivered to the port offer:
- 2 gr-12,5% 169-174 $/t or 5100-5300 UAH/t
- 3 gr of 11.5% 168-170 $/t or 4950-5250 UAH/t
- feed 154-158 $/t or 4650-4850 UAH/t