Wheat prices recover after drop
Friday After falling of quotations on Monday, wheat markets have begun to recover. Prices of Paris wheat was supported by the growth of the market of black sea wheat.
Promised by forecasters for the next 2 weeks, the rains may delay the start of sowing of spring crops.
- May futures milling wheat on MATIF rose by €1/t to 165,75 €/t (204,35 $/t).
Since the beginning of the new week continued growth of the market for U.S. wheat, mainly due to speculative component. Because after mass Friday-sales technical investors stepped up purchases. An additional factor was the drought that is still stored in the wheat belt of the American Plains.
the May futures for U.S. wheat has increased:
4.32 $/t to 200,43 $/t for solid winter HRW wheat in Kansas city
1.47 $/t to 229,37 $/t on a firm spring HRS wheat in Minneapolis.
- 3,40 $/t to 187,11 $/t for SRW soft winter-wheat in Chicago
wheat Exports from the black sea region fell significantly last week due to the deteriorating weather conditions. However, the projected further improvement in the weather will increase the volume of offerings on the market.
Ukraine reduced last week, wheat exports by 65% to 170 thousand tons.
the Largest Russian port of Novorossiysk commercial sea port decreased last week, the volume of export shipments 63.8 percent to 188,406 thousand tons, which is 57.7% lower than in the same period last year.