Wheat prices rose after the neighboring markets of soybeans and corn

2020-12-24 12:01:56
Machine translation
Wheat prices rose after the neighboring markets of soybeans and corn

due to a strike in Argentina the rapid increase in prices for soybean, its by-products and corn, as well as forecasts of lower crop in South America due to precipitation deficit have become the new impetus for the growth of wheat prices, which had not yet calmed down after the news about the quotas and tariffs in Russia. The market was supported by the results of the tenders, where the wheat of the new crop bought at high prices.

 

the Ministry of industry and trade of Jordan at the tender 23 Dec purchased 60 thousand tons of milling wheat with protein 11%, and delivery in the 2nd half of July 2021г. for the price 254 $/t C&F, which is 21.5 $/t higher than the price of trading on January 14, 2020, when it was purchased wheat for delivery in July 2020

 

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  • against this background, the March futures for milling wheat on MATIF rose by 2.25 €/t to 211,25 €/t or 257,88 $/t

 

Wheat US exchanges yesterday, grew with the decline of the dollar and following the soybean market, which heats a prolonged strike in Argentina.

 

Export sales of wheat from the U.S. for the week decreased by 27% to 393 thousand tonnes, and in General, the season has reached 75% of the forecast. Actual export of US wheat over the week grew by 54% to 366 thousand tons, and the whole season amounted to 13.5 million tonnes from the estimated 26.8 million tons, which is 2% below last year's pace.

 

the March wheat futures in the U.S.:

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3.22 $/t to maximum of 2.5 years - 216,05 $/t for solid winter HRW wheat in Kansas city

3.12 $/t to 213,11 $/t on a firm spring HRS wheat in Minneapolis.

  • 4.69 $/t to 231,39 $/t for SRW soft winter-wheat in Chicago

 

After the growth of prices for Russian wheat to $260/MT FOB for shipments in January and 270 $/t FOB in March, the price proposals of Ukrainian and European wheat rose to 260-265 $/t FOB, which led to higher prices of offers of wheat from Argentina and Australia.

 

the price of Australian wheat in Asia increased to 285-290 $/t CFR, but in anticipation of the Christmas holidays a considerable demand for it is not observed.

 

Called new year's holidays reduced trading activity in the physical markets will reduce prices, especially in the case of recovery of exports from Argentina and an increase in supply from Australia, where it will be collected 34-35 million tons of wheat, despite a forecast of 30 million tonnes.

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