The price of wheat in Chicago for the day grew to a record 8%
Yesterday, futures for HRW wheat in Chicago showed a record rise in price, adding a day 8% after the unexpected contraction in the USDA report estimates of wheat stocks in the United States by 8%. Jump on $15/ton in a single session not seen since the drought in the U.S. in June 2012, and the ban of export from Russia in 2010, In percent of this increase was the largest since April 1986, when the accident occurred at Chernobyl.
According to the report, the wheat stocks in the United States on September 1, made up 58.76 million tonnes, which is 8.7% inferior to the period last year and 3.8% - the average assessment of independent analysts. The forecast of wheat production in the US decreased compared to the estimates of September by 0.3 million tons to 49.7 million tonnes, whereas in 2019, it amounted to 52.2 million tonnes.
the market was also influenced by data on stocks of soybeans and corn. Compared to the previous year corn stocks decreased by 10.2%, which is 11.4% less than the expectations of experts and soybean stocks – 40.5%, which is 9.2% less than the market expected. A significant reduction in the stocks of these cultures led to a sharp speculative spike.
December futures U.S.:
the
on of 12.40 $/t to 187,30 $/t for solid winter HRW wheat in Kansas city
by 5.79 $/t to 198,50 $/t on a firm spring HRS wheat in Minneapolis.
- by 10.47 $/t to 8-month high 212,37 $/t for SRW soft winter-wheat in Chicago
After the Chicago French wheat rose yesterday to a 5-month high. Prices were supported by data on forced reduction in sowing areas of winter wheat in Ukraine by 9% soil drought in some regions of Russia, and the continued supply of wheat from France to China.
the
- December futures milling wheat on MATIF rose by 5.5 €/t to 197,75 €/232,05 t or $/t
bid Prices of black sea wheat remain at 230-235 $/t FOB, with buyers due to low demand from importers raised the price to 230 $/t FOB.
Thai TFMA purchased 72 thousand tons of feed wheat for delivery in December at a price of 252,5 $/t CFR, equivalent to 220 $/t FOB black sea for wheat.
Prices demand from Egyptian buyers are 240 $/t CFR, equivalent to 225 $/MT FOB black sea for wheat.
the Ministry of agriculture of Russia increased the forecast of wheat production in 2020 and to 82 million tonnes, which is 10% higher than the figure recorded last year, while Russian analysts have raised estimates to 83.5-84.5 million T.
In Ukraine, the drought damaged crops of winter wheat is delayed. As of September 29, sown only 1.5 million hectares, so the economy Ministry downgraded its assessment of the sowing areas of winter wheat in comparison with the previous year by 11% to 6.1 million hectares.
heavy rainfall in all the territory of Ukraine on the background of high input prices will increase sowing areas of winter crops, especially given the summer heat, which in recent years does not allow to obtain a good harvest of spring crops.
