Wheat prices resumed growth
Yesterday, the French wheat market was influenced by a further strengthening of the Euro against the dollar, the slowdown in European exports of grain and falling prices for American wheat markets. However, traders are optimistic about the possible growth of quotations at the European stock exchanges had an increase in the cost of Russian and American wheat up to $200/t FOB.
the Pace of weekly exports of European wheat is behind last year by 19%, while last week the figure was 18%.
- March delivery milling wheat on MATIF rose by 0.75 €/t to 160,25 €/t (199,98 $/t).
the Market for U.S. wheat on Thursday won back the losses of the two previous sessions due to the factor of drought in the growing regions of winter wheat. Growth driver was the hard winter wheat at Kansas city, followed by rose quotes in Chicago and Minneapolis.
March U.S. wheat futures rose:
by 3.03 $/t to 175,63 $/t for solid winter HRW wheat in Kansas city
by 3.03 $/t to 223,58 $/t on a firm spring HRS wheat in Minneapolis.
- 2.21 $/ton to 169,66 $/t for SRW soft winter-wheat in Chicago
High level of purchasing prices for Ukrainian wheat supports demand, which may be diminished after the increase in India's import duties on wheat with 20 to 40%. Despite a significant reduction in the current season wheat exports from Ukraine to India, it still remains at a significant level.