Wheat prices rose on the results of the tender and data on crops in the United States

Yesterday the stock price of wheat rose data USDA about the deteriorating condition of winter crops in the U.S. and on the results of the tender in Tunisia. The growth was mainly speculative, as the fundamental factors in the near future will not change significantly, and the excess supply on the background of demand reduction remains.

Tunisia yesterday at the tender bought 92 tons of solid and 92 thousand tons of soft wheat and 50 thousand tons of feed barley optional origin. The price of soft wheat with protein 11.5% of made up 228,21 $/t CFR, almost the same level of the prices of wheat purchased at a previous auction in late October – 228,55 $/t CFR.

the results of the tender in Tunisia, strengthening prices for soft wheat in Chicago and confidence in the victory in the tender in Algeria supported the price of French wheat.

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• the December futures for milling wheat on MATIF rose by 2.25 €/t to 3-week high 180,25 €/t or 199,58 $/t

Investors in Chicago continued to close short positions. The reason was the data of monitoring of crops, which was worse than expected. For a week the number of crops in good or excellent condition decreased from 54% to 52%, whereas a year ago the figure was 56%.

Traders worried about the situation in Argentina and Australia where dry weather reduces yield forecasts.

the December wheat futures in the U.S.:

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by 2.66 $/t to 156,43 $/t for solid winter HRW wheat in Kansas city.

• 1.74 $/t to 188,12 $/t for SRW soft winter-wheat in Chicago

Remained at the level of 184,91 $/t hard spring HRS wheat in Minneapolis.

the Russian wheat with protein of 12.5% is proposed for delivery in December at 207-208 $/t FOB Ukrainian – 205 $/t FOB, while buyers offer for Russian 203-204 $/t FOB and Ukrainian – 202-203 $/t FOB.

black sea market remains low, as buyers prefer cheaper Argentine and Australian wheat.