Wheat prices rose due to rumors about the restriction of exports from Russia

2018-08-30 12:08:57
Machine translation
Wheat prices rose due to rumors about the restriction of exports from Russia

rumors about possible restriction of export of Russian wheat yesterday, stock exchanges reacted to the rapid growth of quotations.

 

There is information that at the meeting on 3 September, the Minister of agriculture of Russia will discuss with the major exporters of the current situation on the grain market, and perhaps the question of the introduction of export duties for wheat in the case that the volume of exports will exceed 25 million tonnes.

 

At the end of August in a country with 63% of the area harvested of 56.4 million tons of wheat, of which exported 7.5 million tons against 4 mln tons in the same period last year.

 

recently warned of a possible imposition of restrictions by the national Association of exporters of agricultural products, after the August 28 meeting of representatives of the Ministry of agriculture of Russia and the Department of regulation of agricultural markets.

 

currently, the Ministry of agriculture of Russia estimates, the gross grain harvest of 105 million tons that will allow to export about 30 million tons, of which the share of wheat will be 25 million tons.

 

national Association of the Bulgarian agricultural producers reported that in comparison with last year wheat production will decrease by 20% or 5 million tonnes, the share of food wheat will be below 25%, that there may be restrictions on its exports.

 

  • quotes Wheat in Paris rose 5,25 €/t to 202,75 €/t or 237,17 $/t

 

the American wheat market overreacted to news from Russia. Besides, traders expect Friday's report, statistics Canada forecast of wheat production in 2018 will decrease to 30.6 million tons against forecasted in August USDA 32.5 million tons.

 

the December futures for U.S. wheat has increased:

7,90 $/t to 201,81 $/t for solid winter HRW wheat in Kansas city

by 5.33 $/t to 217,34 $/t on a firm spring HRS wheat in Minneapolis.

  • of 6.80 $/t to 199,06 $/t for SRW soft winter-wheat in Chicago