Wheat prices remain under pressure of oversupply
the Drop in wheat quotations on the Chicago stock exchange continues for the fifth day in a row. Wednesday joined other courts of the United States.
despite the optimistic news about the sale of Iraq 100 thousand MT of hard winter wheat and the data of the deterioration state of the winter crops, December quotations of wheat in the U.S. declined:
1,92 $/t to 153,04 $/t for hard wheat HRW in Kansas city,
by 2.09 $/t to 225,14 $/t for hard spring wheat HRS in Minneapolis.
- 2.28 $/t to 153,77 $/ton, soft wheat SRW in Chicago
the Market for French wheat due to the depreciation of the Euro four trading days, did not respond to the fall in Chicago, but Wednesday also turned down.
- December futures milling wheat on MATIF fell by 1.5 €/ton to 162 €/t (188,64 $/t).
the Attention of analysts wheat market is now focused on South America. Wheat crop in Brazil, are not happy, therefore, increases the likelihood of an increase in imports of grain from Argentina. In turn, Argentina, which is the world's manufacturer of cheap wheat may lose its leadership position in the market, which will reduce the volume of proposals and support the stock price.