Wheat prices resumed growth

the Decrease in forecast production and exports of wheat in Australia and the EU, the heat in Ukraine and Russia, rains in the US led to a rise in stock prices of wheat.

the Agency Strategie Grains has lowered the forecast of wheat production in the EU in 2019/20 Mr 143,9 to 142.8 million tons and the forecast of exports from 23.2 to 22.1 million tonnes, only 1.1 million tons exceeds that of the current season.

• September futures on milling wheat in Paris yesterday rose 1.5 €/t to 178,75 €/t or 201,49 $/t

Experts ABARE lowered its estimates of wheat production in Australia by 11% to 21.2 MMT due to dry weather which, according to the forecast Bureau of meteorology of the country, will last until the end of September.

the Market for winter wheat in the US has been growing for 4 sessions. July wheat futures in Chicago rose to the highest since December 20, 2018 level. On Thursday prices were supported by the neighboring corn market and the strengthening of the physical grain market.

In the 2018/19 season, which ended June 1, the United States exported 24.2 million tonnes of wheat. During the first week of the new season exported 325,4 thousand tons of wheat.

the July wheat futures in the U.S.:

2.02 $/t to 172,05 $/t for solid winter HRW wheat in Kansas city

0.55 $/t to 208,06 $/t on a firm spring HRS wheat in Minneapolis.

• at 3.40 $/t to 196,76 $/t for SRW soft winter-wheat in Chicago

wheat Exports from Russia over the past two weeks amounted to 500 thousand t, and in General in the season 2018/19 – 34,8 million tons At the current pace of exports is unlikely to achieve predictable UDSA the 37 million tons that will increase carryover stocks into the new season.

Argentina in 2019/20 MG due to the increase in acreage of 8% and favorable weather conditions will collect a record 22 million tonnes of wheat, up 16% over the previous season, experts predict stock exchange in Rosario.