Wheat prices rose amid adverse weather conditions

2021-04-14 12:01:44
Machine translation
Wheat prices rose amid adverse weather conditions

Weather factors in the form of droughts in the United States, Morozov in France and a powerful rain in Russia, which delayed the sowing of spring crops, allowed speculators to heat up wheat prices, which in recent years has significantly decreased.

 

May futures on French wheat yesterday updated its monthly maximum on the news about frost in France, which in some regions was up to -6...-8 degrees, which could damage the crops of spring wheat and barley.

 

  • the May futures for milling wheat on MATIF rose by 6.25 €/t to 217,5 €/t or 258,74 $/t, and the September – 3 €/t to 201,75 €/t or 241,33 $/t

 

a Further rise in prices was limited by the appreciation of the Euro against the dollar to 1,196 $/€.

 

at the same time, the increasing pressure of the fundamental factors in the form of an abundant harvest. According to the Ministry of agriculture of France, in 2021/22 Mr acreage of winter wheat will grow by 15% to 4.9 million hectares of durum wheat by 6% to 267,5 thousand hectares.

 

Drought in some areas of the American Plains may reduce the harvest of hard winter wheat and will prevent the sowing of maize. The decline of the dollar was also supported by the quotes.

 

the Wheat exchange USA yesterday played a part in the fall of Monday. Especially rose spring wheat in Kansas and durum wheat in Minneapolis.

 

the May futures rose:

  • 0.64 $/t to 231,39 $/t for SRW soft winter-wheat in Chicago,
  • 2.11 $/t to 214,85 $/t for solid winter HRW wheat in Kansas city,
  • 2.30 $/t to 238,46 $/t on a firm spring HRS wheat in Minneapolis.

 

the July futures black sea wheat also rose 1.2% to 238 $/t, and the September – 0.8% to 243 $/t

 

it Should be noted that due to the delay of sowing of spring wheat in Russia and drought in the US, futures for wheat of the new harvest in these countries is now more expensive than may contracts.

 

Purchase of South Korean refiner MFG 66 thousand tons of feed wheat for delivery in October at a price of 268 $/t CFR supported the price of grain from the new harvest.

 

In Ukraine procurement prices for wheat of the old and the new harvest is almost the same and are in the port 220-225 $/t Manufacturers keep selling, but traders are not interested in purchasing even the old crop at that price.

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